# OPEC, non-OPEC agree first global oil pact since 2001

> OPEC and non-OPEC producers agreed on Saturday, December 10, to a joint oil output cut, the first global pact of its kind since 2001. Saudi Arabia will cut by as much as 486,000 bpd, and Saudi Energy Minister Falih said Riyadh may cut even deeper.

- Date: 2016-12-10 · published 2016-12-10T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/73369-opec-non-opec-agree-first-global-oil-pact-since-2001
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [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)

## Why it matters

Coordinated cuts from non-OPEC producers such as Russia add to the supply reduction agreed on November 30 and speed the drawdown of global inventories, which supports crude prices.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2018-06-22 | [Oil jumps the most since Nov 2016 after OPEC's moderate supply hike](https://feedsoft.ai/events/8783-oil-jumps-the-most-since-nov-2016-after-opec-s-moderate-supply-hike.md) | +0.6% | -5.4% |
| PALMOIL | 2019-11-03 | [Indonesia's Biofuel Plan Will Impact Global Palm Oil Price, Analysts Say](https://feedsoft.ai/events/4288-indonesia-s-biofuel-plan-will-impact-global-palm-oil-price-analysts-say.md) | +4.7% | +10.9% |
| PALMOIL | 2020-02-04 | [Indonesia's Thirst for Biodiesel May Undercut Global Palm Oil Supply](https://feedsoft.ai/events/54693-indonesia-s-thirst-for-biodiesel-may-undercut-global-palm-oil-supply.md) | +4.6% | -11.1% |
| PALMOIL | 2022-04-22 | [Indonesia bans palm oil exports as global food inflation spikes](https://feedsoft.ai/events/41928-indonesia-bans-palm-oil-exports-as-global-food-inflation-spikes.md) | +1.1% | -2.1% |
| PALMOIL | 2021-08-27 | [Indonesia: Increased Export Tax on palm oil - Global Trade Alert](https://feedsoft.ai/events/45444-indonesia-increased-export-tax-on-palm-oil-global-trade-alert.md) | -1.4% | +1.9% |
| WTI | 2016-11-30 | [OPEC agrees first output cut since 2008, details unclear](https://feedsoft.ai/events/8567-opec-agrees-first-output-cut-since-2008-details-unclear.md) | +12.5% | +19.3% |
| 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% |
| WTI | 2016-12-01 | [OPEC in first joint oil cut with Russia since 2001, Saudis take 'big hit'](https://feedsoft.ai/events/9700-opec-in-first-joint-oil-cut-with-russia-since-2001-saudis-take-big-hit.md) | +0.8% | +8.8% |

## Sources

- reuters.com: https://www.reuters.com/article/business/opec-non-opec-agree-first-global-oil-pact-since-2001-idUSKBN13Z0J7/
- reuters.com: https://www.reuters.com/article/business/opec-non-opec-agree-first-global-oil-pact-since-2001-idUSKBN13Z0J8/

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