# Oil Surges on OPEC Deal to Cut Production - WSJ

> OPEC said it would cut production by 1.2 million barrels a day from 33.6 million bpd. The group also expects non-OPEC producers, including Russia, to add further cuts totaling 600,000 bpd.

- Date: 2016-11-30 · published 2016-11-30T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/73786-oil-surges-on-opec-deal-to-cut-production-wsj
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Combined OPEC and non-OPEC cuts of around 1.8 million bpd would remove a meaningful share of the global glut. This supports crude prices, which feed into energy costs and vegetable oil demand for biofuels.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2016-11-30 | [OPEC hashes out a major deal to cut oil production — and prices surge worldwide \| Vox](https://feedsoft.ai/events/74024-opec-hashes-out-a-major-deal-to-cut-oil-production-and-prices-surge-worldwide.md) | +12.5% | +19.3% |
| WTI | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -6.2% |
| 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 | 2017-11-30 | [Opec and Russia extend deal to cut oil production through 2018](https://feedsoft.ai/events/67410-opec-and-russia-extend-deal-to-cut-oil-production-through-2018.md) | -2.5% | +4.5% |
| WTI | 2019-10-23 | [OPEC+ countries to cut further oil production  ABC.AZ](https://feedsoft.ai/events/56473-opec-countries-to-cut-further-oil-production-abc-az.md) | +2.2% | +1.5% |
| BRENT | 2016-11-30 | [OPEC hashes out a major deal to cut oil production — and prices surge worldwide \| Vox](https://feedsoft.ai/events/74024-opec-hashes-out-a-major-deal-to-cut-oil-production-and-prices-surge-worldwide.md) | +16.7% | +22.1% |
| BRENT | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -2.9% |
| 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% |

## Sources

- on.wsj.com: http://on.wsj.com/2g6W8Ko

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