# Has The OPEC Deal Been A Success

> Oil prices fell in the week before April 23 after doubts emerged over an OPEC extension. OECD inventories rose 70 million barrels in January and only modestly drew down in February and March, while US stocks are now starting to decline.

- Date: 2017-05-01 · published 2017-05-01T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/71652-has-the-opec-deal-been-a-success
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Lingering inventory overhang and uncertainty over an OPEC extension weigh on crude prices, which tends to pressure energy-linked costs and vegetable oil demand from biofuels.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-08-23 | [Five reasons the loonie has been falling: BMO - The Globe and Mail](https://feedsoft.ai/events/45793-five-reasons-the-loonie-has-been-falling-bmo-the-globe-and-mail.md) | +10.5% | +13.0% |
| WTI | 2023-04-27 | [Oil market has absorbed surprise production cut by OPEC+](https://feedsoft.ai/events/36572-oil-market-has-absorbed-surprise-production-cut-by-opec.md) | -7.7% | +0.1% |
| WTI | 2025-02-01 | [Oil Declines After Trump Says He’ll Push OPEC to Lower Prices](https://feedsoft.ai/events/26674-oil-declines-after-trump-says-he-ll-push-opec-to-lower-prices.md) | -2.1% | -5.8% |
| WTI | 2025-01-26 | [Oil Drops As Trump Urges OPEC To Cut Prices](https://feedsoft.ai/events/26667-oil-drops-as-trump-urges-opec-to-cut-prices.md) | -2.8% | -5.2% |
| WTI | 2023-07-04 | [Why are OPEC+ supply cuts failing to boost oil prices?](https://feedsoft.ai/events/34941-why-are-opec-supply-cuts-failing-to-boost-oil-prices.md) | +7.3% | +16.7% |
| BRENT | 2023-04-27 | [Oil market has absorbed surprise production cut by OPEC+](https://feedsoft.ai/events/36572-oil-market-has-absorbed-surprise-production-cut-by-opec.md) | -7.4% | -0.3% |
| BRENT | 2025-02-01 | [Oil Declines After Trump Says He’ll Push OPEC to Lower Prices](https://feedsoft.ai/events/26674-oil-declines-after-trump-says-he-ll-push-opec-to-lower-prices.md) | -2.9% | -3.9% |
| BRENT | 2025-01-26 | [Oil Drops As Trump Urges OPEC To Cut Prices](https://feedsoft.ai/events/26667-oil-drops-as-trump-urges-opec-to-cut-prices.md) | -2.1% | -5.0% |

## Sources

- oilprice.com: https://oilprice.com/Energy/Crude-Oil/Has-The-OPEC-Deal-Been-A-Success.html

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