# OPEC convinces investors crude output cuts are real - The Gulf Time Newspaper

> Money managers are the most optimistic on WTI in at least a decade as OPEC and other producers reduce output. Saudi Arabia says more than 80 percent of the targeted 1.8 million b/d cut is in place. Tanker data show OPEC shipments plunging in January, with WTI at about $53 a barrel.

- Date: 2017-01-30 · published 2017-01-30T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/73160-opec-convinces-investors-crude-output-cuts-are-real-the-gulf-time-newspaper
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Confirmed compliance with OPEC cuts supports crude prices, which lifts energy and transport costs for feed. Strong speculative long positioning also raises the risk of a sharp correction if compliance slips.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-02-01 | [Arab News \| Crude prices rise as OPEC cuts output as promised](https://feedsoft.ai/events/72674-arab-news-crude-prices-rise-as-opec-cuts-output-as-promised.md) | -1.1% | +2.0% |
| WTI | 2023-06-04 | [Opec+ to extend cuts in oil output into 2024 as prices flag \| Opec \| The Guardian](https://feedsoft.ai/events/35401-opec-to-extend-cuts-in-oil-output-into-2024-as-prices-flag-opec-the-guardian.md) | -2.2% | -2.8% |
| WTI | 2016-12-27 | [Venezuela Aims to Cut 95,000 Barrels Per Day of Crude Output in OPEC Deal](https://feedsoft.ai/events/73637-venezuela-aims-to-cut-95-000-barrels-per-day-of-crude-output-in-opec-deal.md) | +0.0% | -0.0% |
| WTI | 2023-11-30 | [Instant view: OPEC+ announces voluntary oil output cuts \| Reuters](https://feedsoft.ai/events/33083-instant-view-opec-announces-voluntary-oil-output-cuts-reuters.md) | -11.0% | -7.4% |
| WTI | 2016-12-01 | [OPEC reaches first deal to cut oil output since 2008](https://feedsoft.ai/events/9701-opec-reaches-first-deal-to-cut-oil-output-since-2008.md) | +0.8% | +8.8% |
| BRENT | 2017-02-01 | [Arab News \| Crude prices rise as OPEC cuts output as promised](https://feedsoft.ai/events/72674-arab-news-crude-prices-rise-as-opec-cuts-output-as-promised.md) | -1.9% | -1.8% |
| BRENT | 2023-06-04 | [Opec+ to extend cuts in oil output into 2024 as prices flag \| Opec \| The Guardian](https://feedsoft.ai/events/35401-opec-to-extend-cuts-in-oil-output-into-2024-as-prices-flag-opec-the-guardian.md) | -1.7% | -1.8% |
| BRENT | 2016-12-27 | [Venezuela Aims to Cut 95,000 Barrels Per Day of Crude Output in OPEC Deal](https://feedsoft.ai/events/73637-venezuela-aims-to-cut-95-000-barrels-per-day-of-crude-output-in-opec-deal.md) | +1.3% | +1.0% |

## Sources

- gulftime.ae: https://gulftime.ae/opec-convinces-investors-crude-output-cuts-are-real/

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