# OPEC oil output falls from record high ahead of planned cuts - Reuters survey

> A Reuters survey found OPEC crude output fell from a record high in December but still ran 1.68 million bpd above the 32.50 million bpd target agreed on Nov. 30. The target takes effect from Jan. 1 as the cartel's first supply cut in eight years.

- Date: 2017-01-05 · published 2017-01-05T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/72911-opec-oil-output-falls-from-record-high-ahead-of-planned-cuts-reuters-survey
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Output still above target means compliance is uncertain, but the decline points to tightening supply that supports crude prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-01-31 | [OPEC oil output falls in January on new cuts, Libya - survey \| Reuters](https://feedsoft.ai/events/32028-opec-oil-output-falls-in-january-on-new-cuts-libya-survey-reuters.md) | -6.0% | +1.3% |
| WTI | 2023-03-31 | [OPEC oil output falls on Angola, Iraq outages - Reuters survey](https://feedsoft.ai/events/36769-opec-oil-output-falls-on-angola-iraq-outages-reuters-survey.md) | +8.6% | +3.3% |
| WTI | 2018-04-30 | [OPEC oil output falls by 70,000 bpd in April - Reuters survey](https://feedsoft.ai/events/65423-opec-oil-output-falls-by-70-000-bpd-in-april-reuters-survey.md) | +2.4% | -0.3% |
| WTI | 2023-07-31 | [OPEC oil output falls on Saudi cut and Nigerian outage, Reuters survey finds \| Reuters](https://feedsoft.ai/events/34940-opec-oil-output-falls-on-saudi-cut-and-nigerian-outage-reuters-survey-finds.md) | +2.8% | -0.4% |
| WTI | 2023-05-02 | [OPEC oil output falls on Iraq, Nigeria outages, Reuters survey finds \| Reuters](https://feedsoft.ai/events/35866-opec-oil-output-falls-on-iraq-nigeria-outages-reuters-survey-finds-reuters.md) | -3.3% | -8.2% |
| BRENT | 2024-01-31 | [OPEC oil output falls in January on new cuts, Libya - survey \| Reuters](https://feedsoft.ai/events/32028-opec-oil-output-falls-in-january-on-new-cuts-libya-survey-reuters.md) | -4.8% | +0.3% |
| BRENT | 2023-03-31 | [OPEC oil output falls on Angola, Iraq outages - Reuters survey](https://feedsoft.ai/events/36769-opec-oil-output-falls-on-angola-iraq-outages-reuters-survey.md) | +8.8% | +2.0% |
| BRENT | 2018-04-30 | [OPEC oil output falls by 70,000 bpd in April - Reuters survey](https://feedsoft.ai/events/65423-opec-oil-output-falls-by-70-000-bpd-in-april-reuters-survey.md) | -0.2% | +2.0% |

## Sources

- reuters.com: https://www.reuters.com/article/us-opec-oil-survey-idUSKBN14P1FP/?feedName=businessNews&feedType=RSS

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