# Venezuela Aims to Cut 95,000 Barrels Per Day of Crude Output in OPEC Deal

> Venezuela said it will cut 95,000 barrels per day of crude output from January 1, 2017, as part of the OPEC and non-OPEC pact to lower production by nearly 1.8 million bpd. Its oil minister forecast Brent settling at $60-$70 a barrel once inventories rebalance.

- Date: 2016-12-27 · published 2016-12-27T12:00:00.000Z
- Category: policy · region Venezuela · magnitude medium
- Page: https://feedsoft.ai/events/73637-venezuela-aims-to-cut-95-000-barrels-per-day-of-crude-output-in-opec-deal
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Country-level cut volumes confirm implementation of the global pact, supporting crude prices and the energy-linked cost base for feed commodities.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-12-07 | [OPEC gets Iran green light to cut oil output by 0.8 million barrels per day: source](https://feedsoft.ai/events/61455-opec-gets-iran-green-light-to-cut-oil-output-by-0-8-million-barrels-per-day.md) | +2.2% | -6.2% |
| WTI | 2019-12-06 | [OPEC, allies to lower oil output 500,000 barrels more](https://feedsoft.ai/events/55495-opec-allies-to-lower-oil-output-500-000-barrels-more.md) | +1.3% | +7.9% |
| WTI | 2023-06-04 | [Opec+ cuts oil output to 40.46 million barrels per day  throughout 2024 \| Khaleej Times](https://feedsoft.ai/events/35399-opec-cuts-oil-output-to-40-46-million-barrels-per-day-throughout-2024-khaleej.md) | -2.2% | -2.8% |
| WTI | 2016-11-30 | [US crude settles up 9.3 percent after OPEC finalizes output cut deal](https://feedsoft.ai/events/8569-us-crude-settles-up-9-3-percent-after-opec-finalizes-output-cut-deal.md) | +12.5% | +19.3% |
| WTI | 2022-02-02 | [OPEC+ ministerial talks on output increase by 400,000 barrels per day in March completed -  Business & Economy - TASS](https://feedsoft.ai/events/42632-opec-ministerial-talks-on-output-increase-by-400-000-barrels-per-day-in-march.md) | +1.3% | +25.5% |
| BRENT | 2018-12-07 | [OPEC gets Iran green light to cut oil output by 0.8 million barrels per day: source](https://feedsoft.ai/events/61455-opec-gets-iran-green-light-to-cut-oil-output-by-0-8-million-barrels-per-day.md) | +2.2% | -2.9% |
| BRENT | 2019-12-06 | [OPEC, allies to lower oil output 500,000 barrels more](https://feedsoft.ai/events/55495-opec-allies-to-lower-oil-output-500-000-barrels-more.md) | +1.4% | +7.8% |
| BRENT | 2023-06-04 | [Opec+ cuts oil output to 40.46 million barrels per day  throughout 2024 \| Khaleej Times](https://feedsoft.ai/events/35399-opec-cuts-oil-output-to-40-46-million-barrels-per-day-throughout-2024-khaleej.md) | -1.7% | -1.8% |

## Sources

- voanews.com: https://www.voanews.com/a/venezuela-aims-cut-crude-output-opec-deal/3653030.html

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