# OPEC reaches agreement to cut oil production to 32.5 million barrels a day: Oil ministers

> OPEC's 14 members reached a deal to cut oil production from 33.8 million to 32.5 million barrels per day, their first cut since 2008. Russia pledged a 300,000 bpd reduction, and the group planned to meet non-OPEC producers on December 9. Brent traded near $50 and WTI near $49 after rising more than 8 percent.

- Date: 2016-11-30 · published 2016-11-30T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/8568-opec-reaches-agreement-to-cut-oil-production-to-32-5-million-barrels-a-day-oil
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The announced cut removes supply from a market that had been oversupplied for over two years, which pushes crude prices higher. Higher crude raises energy and freight costs across the feed supply chain.

## 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 | Confirms the OPEC deal and Russian pledge, with Brent up more than 8% on tighter expected supply. |
| BRENT | 2016-12-01 | 1 | +9.0% | 3.6 | OPEC's 14 members agreed to cut output from 33.8m to 32.5m bpd, with Russia adding 300k bpd, and Brent rose more than 8%. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2023-04-02 | [OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - Bloomberg](https://feedsoft.ai/events/36323-opec-makes-surprise-1-million-barrel-oil-production-cut-bloomberg.md) | +5.4% | -0.0% |
| WTI | 2023-02-01 | [OPEC+ agrees to stick to current production scheme](https://feedsoft.ai/events/37223-opec-agrees-to-stick-to-current-production-scheme.md) | -2.2% | -1.7% |
| WTI | 2019-07-01 | [OPEC agrees to extend current production cuts by 9 months](https://feedsoft.ai/events/58006-opec-agrees-to-extend-current-production-cuts-by-9-months.md) | -1.4% | -2.5% |
| 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% |
| BRENT | 2023-04-02 | [OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - Bloomberg](https://feedsoft.ai/events/36323-opec-makes-surprise-1-million-barrel-oil-production-cut-bloomberg.md) | +7.4% | +1.0% |

## Sources

- cbc.ca: https://www.cbc.ca/news/business/opec-meeting-wednesday-1.3874039
- cnbc.com: https://www.cnbc.com/2016/11/30/opec-reportedly-reaches-agreement-to-cut-oil-production.html
- eurasiareview.com: https://www.eurasiareview.com/01122016-opec-to-implement-32-5mbd-output-target/
- ttnews.com: https://www.ttnews.com/articles/opec-agrees-oil-output-cuts-curb-global-glut

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