# OPEC output deal likely to be extended, says Al-Falih

> Saudi Energy Minister Khalid al-Falih said on April 20 in Abu Dhabi that a preliminary agreement has been reached to extend OPEC's output deal, though not all ministers have signed on. He said the extension could be three months rather than six, with reducing stocks as the top priority. A decision is expected at the May 25 meeting.

- Date: 2017-04-20 · published 2017-04-20T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/71420-opec-output-deal-likely-to-be-extended-says-al-falih
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A likely extension from the largest OPEC producer keeps supply tight and supports crude prices, although a shorter extension would be less bullish than a six-month one.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-06-06 | [OPEC, Allies Finalize Deal to Extend Oil-Output Cuts](https://feedsoft.ai/events/52510-opec-allies-finalize-deal-to-extend-oil-output-cuts.md) | -7.2% | +3.3% |
| BRENT | 2017-10-18 | [OPEC reportedly favors 9-month extension to output cut deal](https://feedsoft.ai/events/68379-opec-reportedly-favors-9-month-extension-to-output-cut-deal.md) | +0.6% | +6.6% |
| BRENT | 2019-06-29 | [Russia agrees with Saudi Arabia to extend OPEC+ oil output deal - Reuters](https://feedsoft.ai/events/58525-russia-agrees-with-saudi-arabia-to-extend-opec-oil-output-deal-reuters.md) | -4.2% | -6.1% |
| BRENT | 2017-02-10 | [Oil overhang points to need for extended OPEC output cuts](https://feedsoft.ai/events/72406-oil-overhang-points-to-need-for-extended-opec-output-cuts.md) | +0.2% | -6.2% |
| BRENT | 2025-01-01 | [OPEC+ delays oil output hike until April, extends cuts into 2026](https://feedsoft.ai/events/26869-opec-delays-oil-output-hike-until-april-extends-cuts-into-2026.md) | +2.9% | +2.9% |
| WTI | 2020-06-06 | [OPEC, Allies Finalize Deal to Extend Oil-Output Cuts](https://feedsoft.ai/events/52510-opec-allies-finalize-deal-to-extend-oil-output-cuts.md) | -8.3% | +2.6% |
| WTI | 2017-10-18 | [OPEC reportedly favors 9-month extension to output cut deal](https://feedsoft.ai/events/68379-opec-reportedly-favors-9-month-extension-to-output-cut-deal.md) | +1.0% | +7.3% |
| WTI | 2019-06-29 | [Russia agrees with Saudi Arabia to extend OPEC+ oil output deal - Reuters](https://feedsoft.ai/events/58525-russia-agrees-with-saudi-arabia-to-extend-opec-oil-output-deal-reuters.md) | -1.4% | -2.5% |

## Sources

- argaam.com: https://www.argaam.com/en/article/articledetail/id/481761

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.