# Oil prices jump as crude exporters join OPEC cuts, but headwinds remain - Financial Post

> Oil prices rose more than 3% on Monday after OPEC and non-OPEC members agreed in Vienna to cut output, with the deal involving 24 producers and cutting up to 1.8 million barrels per day. WTI reached about $53, its highest in roughly 18 months, while non-OPEC members including Russia, Mexico, Oman and Kazakhstan agreed to roughly 558,000 bpd of cuts.

- Date: 2016-12-12 · published 2016-12-12T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/73629-oil-prices-jump-as-crude-exporters-join-opec-cuts-but-headwinds-remain
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The broader participation in the cut reduces global supply and supports crude prices, which lift energy and biofuel-linked vegetable oil costs. Analysts question how durable the rally will be given shale output and compliance risks.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-03-21 | [Oil prices jump again as EU considers Russian oil ban \| Reuters](https://feedsoft.ai/events/8483-oil-prices-jump-again-as-eu-considers-russian-oil-ban-reuters.md) | +10.3% | +3.4% |
| 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 | 2019-08-27 | [Crude Oil Prices Shrug off Trade Jitters Amid Deeper OPEC Output Cuts](https://feedsoft.ai/events/57744-crude-oil-prices-shrug-off-trade-jitters-amid-deeper-opec-output-cuts.md) | +2.8% | +9.5% |
| WTI | 2026-10-01 | [Oil prices rise $3 as China suspends fuel exports](https://feedsoft.ai/events/9318-oil-prices-rise-3-as-china-suspends-fuel-exports.md) | -2.3% | +8.7% |
| WTI | 2017-02-01 | [Oil prices stabilise as Russia joins OPEC in production cut - Offshore Energy](https://feedsoft.ai/events/72669-oil-prices-stabilise-as-russia-joins-opec-in-production-cut-offshore-energy.md) | -1.1% | +2.0% |
| BRENT | 2022-03-21 | [Oil prices jump again as EU considers Russian oil ban \| Reuters](https://feedsoft.ai/events/8483-oil-prices-jump-again-as-eu-considers-russian-oil-ban-reuters.md) | +9.5% | +0.8% |
| 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 | 2019-08-27 | [Crude Oil Prices Shrug off Trade Jitters Amid Deeper OPEC Output Cuts](https://feedsoft.ai/events/57744-crude-oil-prices-shrug-off-trade-jitters-amid-deeper-opec-output-cuts.md) | +1.4% | +10.3% |

## Sources

- financialpost.com: https://financialpost.com/energy/oil-prices-jump-as-crude-exporters-join-opec-cuts-but-headwinds-remain/

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