# OPEC, non-OPEC to look at extending oil-output cut by six months

> OPEC and non-OPEC producers meeting in Kuwait agreed to review whether to extend their global output cut by six months, but the final statement dropped an earlier draft's recommendation for an extension. The committee instead asked for a technical review and a decision in April 2017.

- Date: 2017-03-27 · published 2017-03-27T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/71897-opec-non-opec-to-look-at-extending-oil-output-cut-by-six-months
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Removing the explicit extension recommendation raises the risk the 1.8 mbd cut lapses in June, which would add supply and pressure crude prices, and by extension vegetable oil and biofuel-linked feedstock values.

## Read by commodity

- SBO: neutral
- WTI: bearish ▼
- BRENT: bearish ▼
- PALMOIL: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-06-27 | [OPEC in no rush on deeper oil output cut, to look at in July](https://feedsoft.ai/events/70392-opec-in-no-rush-on-deeper-oil-output-cut-to-look-at-in-july.md) | +7.1% | +10.4% |
| WTI | 2017-05-25 | [OPEC and non-OPEC members agree to extend production cuts for nine months](https://feedsoft.ai/events/70928-opec-and-non-opec-members-agree-to-extend-production-cuts-for-nine-months.md) | -5.4% | -16.7% |
| WTI | 2021-07-18 | [OPEC+ Members Agree To Increase Oil Output By 400,000 BPD Every Month From August](https://feedsoft.ai/events/45991-opec-members-agree-to-increase-oil-output-by-400-000-bpd-every-month-from-august.md) | +0.6% | -4.7% |
| WTI | 2025-07-07 | [EXCLUSIVE: OPEC+ set to complete big oil output cut unwinding in Sept, sources say \| Reuters](https://feedsoft.ai/events/23670-exclusive-opec-set-to-complete-big-oil-output-cut-unwinding-in-sept-sources-say.md) | +2.4% | +0.7% |
| WTI | 2018-03-09 | [Opec+ likely to raise July oil output by 188,000 bpd](https://feedsoft.ai/events/65930-opec-likely-to-raise-july-oil-output-by-188-000-bpd.md) | +1.7% | +3.2% |
| BRENT | 2017-06-27 | [OPEC in no rush on deeper oil output cut, to look at in July](https://feedsoft.ai/events/70392-opec-in-no-rush-on-deeper-oil-output-cut-to-look-at-in-july.md) | +9.9% | +7.2% |
| BRENT | 2017-05-25 | [OPEC and non-OPEC members agree to extend production cuts for nine months](https://feedsoft.ai/events/70928-opec-and-non-opec-members-agree-to-extend-production-cuts-for-nine-months.md) | -7.0% | -16.6% |
| BRENT | 2021-07-18 | [OPEC+ Members Agree To Increase Oil Output By 400,000 BPD Every Month From August](https://feedsoft.ai/events/45991-opec-members-agree-to-increase-oil-output-by-400-000-bpd-every-month-from-august.md) | +0.6% | -4.4% |

## Sources

- hydrocarbonprocessing.com: https://hydrocarbonprocessing.com/news/2017/03/opec-non-opec-to-look-at-extending-oil-output-cut-by-six-months/

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