# OPEC agrees first output cut since 2008, details unclear

> OPEC agreed its first limit on oil output since 2008, with a production ceiling of 32.5 million bpd, down from 33.6 million. Saudi Arabia agreed to accept a large cut, and Iran was allowed to freeze output at pre-sanctions levels. Brent futures rose 8 percent to above $50 a barrel, though details of each member's share remained unclear.

- Date: 2016-11-30 · published 2016-11-30T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/8567-opec-agrees-first-output-cut-since-2008-details-unclear
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The production ceiling removes a major source of oversupply and supports crude prices. Higher energy prices raise costs for feed transport and processing, and the unresolved details leave some uncertainty about how much the rally will hold.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2016-11-30 | 1 | +8.1% | 3.8 | Reports the OPEC ceiling cut and Brent up 8%, matching the move's size and describing the supply-curb mechanism. |
| BRENT | 2016-12-01 | 1 | +9.0% | 3.6 | OPEC agreed a 32.5m bpd ceiling, with Saudi Arabia accepting the largest cut, and Brent rose about 8%, which is the core supply shock behind the move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2016-12-01 | [OPEC reaches first deal to cut oil output since 2008](https://feedsoft.ai/events/9701-opec-reaches-first-deal-to-cut-oil-output-since-2008.md) | +6.6% | +12.9% |
| BRENT | 2016-12-10 | [OPEC, non-OPEC agree first global oil pact since 2001](https://feedsoft.ai/events/73369-opec-non-opec-agree-first-global-oil-pact-since-2001.md) | +2.7% | +0.3% |
| BRENT | 2022-10-01 | [Oil up nearly 3% as OPEC+ agrees to small oil output cut](https://feedsoft.ai/events/39515-oil-up-nearly-3-as-opec-agrees-to-small-oil-output-cut.md) | +11.3% | +7.7% |
| BRENT | 2016-11-30 | [Opec countries agree first oil output cut in eight years - BBC News](https://feedsoft.ai/events/8565-opec-countries-agree-first-oil-output-cut-in-eight-years-bbc-news.md) | +16.7% | +22.1% |
| BRENT | 2019-12-05 | [OPEC, allies agree to deepen oil output cuts](https://feedsoft.ai/events/55490-opec-allies-agree-to-deepen-oil-output-cuts.md) | +0.7% | +7.4% |
| WTI | 2016-12-01 | [OPEC reaches first deal to cut oil output since 2008](https://feedsoft.ai/events/9701-opec-reaches-first-deal-to-cut-oil-output-since-2008.md) | +0.8% | +8.8% |
| WTI | 2016-12-10 | [OPEC, non-OPEC agree first global oil pact since 2001](https://feedsoft.ai/events/73369-opec-non-opec-agree-first-global-oil-pact-since-2001.md) | +0.8% | -1.3% |
| WTI | 2022-10-01 | [Oil up nearly 3% as OPEC+ agrees to small oil output cut](https://feedsoft.ai/events/39515-oil-up-nearly-3-as-opec-agrees-to-small-oil-output-cut.md) | +16.5% | +10.2% |

## Sources

- business-standard.com: https://www.business-standard.com/article/reuters/opec-agrees-first-output-cut-since-2008-details-unclear-116113001146_1.html

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