# OPEC makes a deal | Oil & Gas Journal

> An Oil & Gas Journal analysis says OPEC's November 30 agreement to cut output by 1.2 million bpd to 32.5 million bpd was hard to reach but rewarded with higher crude prices. The piece argues the cut is needed to lower global inventories that remain high.

- Date: 2016-12-05 · published 2016-12-05T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/73391-opec-makes-a-deal-oil-and-gas-journal
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The analysis reinforces that the cut is structural and not a one-time move, which supports the view that crude prices will hold up as inventories fall.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-11-30 | [OPEC+ agrees to oil production cut  \| Oil & Gas Journal](https://feedsoft.ai/events/33087-opec-agrees-to-oil-production-cut-oil-and-gas-journal.md) | -11.0% | -7.4% |
| WTI | 2021-10-04 | [OPEC+ sticks to gradual monthly supply hikes \| Oil & Gas Journal](https://feedsoft.ai/events/44445-opec-sticks-to-gradual-monthly-supply-hikes-oil-and-gas-journal.md) | +4.6% | +9.9% |
| WTI | 2016-11-30 | [Oil up more than 8 percent as OPEC finalizes output cut deal](https://feedsoft.ai/events/8571-oil-up-more-than-8-percent-as-opec-finalizes-output-cut-deal.md) | +12.5% | +19.3% |
| WTI | 2020-06-06 | [OPEC, Allies Finalize Deal to Extend Oil-Output Cuts](https://feedsoft.ai/events/52510-opec-allies-finalize-deal-to-extend-oil-output-cuts.md) | -8.3% | +2.6% |
| WTI | 2016-11-30 | [Oil jumps over 10 percent as OPEC finalizes output cut deal \| Reuters](https://feedsoft.ai/events/8564-oil-jumps-over-10-percent-as-opec-finalizes-output-cut-deal-reuters.md) | +12.5% | +19.3% |
| BRENT | 2023-11-30 | [OPEC+ agrees to oil production cut  \| Oil & Gas Journal](https://feedsoft.ai/events/33087-opec-agrees-to-oil-production-cut-oil-and-gas-journal.md) | -10.5% | -5.2% |
| BRENT | 2021-10-04 | [OPEC+ sticks to gradual monthly supply hikes \| Oil & Gas Journal](https://feedsoft.ai/events/44445-opec-sticks-to-gradual-monthly-supply-hikes-oil-and-gas-journal.md) | +3.7% | +5.5% |
| BRENT | 2016-11-30 | [Oil up more than 8 percent as OPEC finalizes output cut deal](https://feedsoft.ai/events/8571-oil-up-more-than-8-percent-as-opec-finalizes-output-cut-deal.md) | +16.7% | +22.1% |

## Sources

- ogj.com: https://www.ogj.com/general-interest/companies/article/17209539/opec-makes-a-deal

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