# OPEC hashes out a major deal to cut oil production — and prices surge worldwide | Vox

> OPEC reached a deal in Vienna to cut output by about 1.2 million barrels per day, lowering total production from 33.7 to 32.5 million barrels daily. Brent rose from about $46 to $53.77 per barrel by Thursday, though the deal depends on non-OPEC producers such as Russia cutting too.

- Date: 2016-11-30 · published 2016-11-30T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/74024-opec-hashes-out-a-major-deal-to-cut-oil-production-and-prices-surge-worldwide
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The cut removes a large share of supply from a market that has been oversupplied, supporting crude prices and energy-linked input costs for feed producers. Compliance by non-OPEC members remains the main risk to the price rise.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2016-11-30 | [Oil Surges on OPEC Deal to Cut Production - WSJ](https://feedsoft.ai/events/73786-oil-surges-on-opec-deal-to-cut-production-wsj.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 | 2021-03-04 | [Oil prices surge as OPEC and its allies extend production cuts \| CNN Business](https://feedsoft.ai/events/48045-oil-prices-surge-as-opec-and-its-allies-extend-production-cuts-cnn-business.md) | +5.1% | -3.5% |
| 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 | 2023-12-01 | [OPEC plans more cuts to boost worldwide oil prices](https://feedsoft.ai/events/32490-opec-plans-more-cuts-to-boost-worldwide-oil-prices.md) | -8.8% | -5.2% |
| BRENT | 2016-11-30 | [Oil Surges on OPEC Deal to Cut Production - WSJ](https://feedsoft.ai/events/73786-oil-surges-on-opec-deal-to-cut-production-wsj.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 | 2021-03-04 | [Oil prices surge as OPEC and its allies extend production cuts \| CNN Business](https://feedsoft.ai/events/48045-oil-prices-surge-as-opec-and-its-allies-extend-production-cuts-cnn-business.md) | +5.2% | -1.3% |

## Sources

- vox.com: https://www.vox.com/2016/11/30/13792788/crude-oil-prices-opec-cuts

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