# Oil prices stabilise as Russia joins OPEC in production cut - Offshore Energy

> Oil steadied as Russia joined OPEC in cutting production, with Russian condensate output down about 100,000 bpd between December and January. Brent traded near $55.63 and WTI near $52.86, while a reported rise in US crude inventories limited gains.

- Date: 2017-02-01 · published 2017-02-01T12:00:00.000Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/72669-oil-prices-stabilise-as-russia-joins-opec-in-production-cut-offshore-energy
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Russian and OPEC cuts support crude prices, but rising US inventories cap upside, leaving energy input costs mixed for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-02-10 | [OPEC+ Won’t Increase Oil Production Despite Russia Output Cut, Delegates Say - Bloomberg](https://feedsoft.ai/events/37221-opec-won-t-increase-oil-production-despite-russia-output-cut-delegates-say.md) | +0.6% | -3.2% |
| BRENT | 2020-06-08 | [Oil prices top $40 as OPEC+ extends production cuts \| Fox Business](https://feedsoft.ai/events/52796-oil-prices-top-40-as-opec-extends-production-cuts-fox-business.md) | -7.2% | +3.3% |
| BRENT | 2020-04-14 | [OPEC+ agrees 9.7 mb/d crude oil production cut in May-June 2020 \| Enerdata](https://feedsoft.ai/events/53546-opec-agrees-9-7-mb-d-crude-oil-production-cut-in-may-june-2020-enerdata.md) | -16.9% | +8.5% |
| BRENT | 2018-12-07 | [OPEC and Russia agree to slash oil production \| CNN Business](https://feedsoft.ai/events/61456-opec-and-russia-agree-to-slash-oil-production-cnn-business.md) | +2.2% | -2.9% |
| BRENT | 2018-11-07 | [Return to oil production cuts in 2019 cannot be ruled out - OPEC sources](https://feedsoft.ai/events/61945-return-to-oil-production-cuts-in-2019-cannot-be-ruled-out-opec-sources.md) | -8.3% | -13.6% |
| WTI | 2023-02-10 | [OPEC+ Won’t Increase Oil Production Despite Russia Output Cut, Delegates Say - Bloomberg](https://feedsoft.ai/events/37221-opec-won-t-increase-oil-production-despite-russia-output-cut-delegates-say.md) | +0.5% | -1.9% |
| WTI | 2020-06-08 | [Oil prices top $40 as OPEC+ extends production cuts \| Fox Business](https://feedsoft.ai/events/52796-oil-prices-top-40-as-opec-extends-production-cuts-fox-business.md) | -8.3% | +2.6% |
| WTI | 2020-04-14 | [OPEC+ agrees 9.7 mb/d crude oil production cut in May-June 2020 \| Enerdata](https://feedsoft.ai/events/53546-opec-agrees-9-7-mb-d-crude-oil-production-cut-in-may-june-2020-enerdata.md) | -58.6% | +15.1% |

## Sources

- offshore-energy.biz: https://www.offshore-energy.biz/oil-prices-stabilise-as-russia-joins-opec-in-production-cut/

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