# OPEC reaches first deal to cut oil output since 2008

> Oil rose more than 10 percent to over $50 a barrel, its highest in a month, after OPEC reached its first deal to cut output since 2008. Investors anticipated that lower OPEC output would rebalance global crude supply and demand more quickly.

- Date: 2016-12-01 · published 2016-12-01T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/9701-opec-reaches-first-deal-to-cut-oil-output-since-2008
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expectations of faster supply-demand rebalancing support crude prices, which pass through to diesel and energy costs for feed mills and transport.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2016-11-30 | [OPEC agrees first output cut since 2008, details unclear](https://feedsoft.ai/events/8567-opec-agrees-first-output-cut-since-2008-details-unclear.md) | +12.5% | +19.3% |
| WTI | 2020-06-06 | [OPEC, Allies Finalize Deal to Extend Oil-Output Cuts](https://feedsoft.ai/events/52510-opec-allies-finalize-deal-to-extend-oil-output-cuts.md) | -8.3% | +2.6% |
| WTI | 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) | +0.5% | +4.7% |
| WTI | 2016-11-30 | [Saudis to cut oil output by 0.5 million bpd in OPEC deal: source](https://feedsoft.ai/events/73785-saudis-to-cut-oil-output-by-0-5-million-bpd-in-opec-deal-source.md) | +12.5% | +19.3% |
| 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% |
| BRENT | 2016-11-30 | [OPEC agrees first output cut since 2008, details unclear](https://feedsoft.ai/events/8567-opec-agrees-first-output-cut-since-2008-details-unclear.md) | +16.7% | +22.1% |
| BRENT | 2020-06-06 | [OPEC, Allies Finalize Deal to Extend Oil-Output Cuts](https://feedsoft.ai/events/52510-opec-allies-finalize-deal-to-extend-oil-output-cuts.md) | -7.2% | +3.3% |
| 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% |

## Sources

- reuters.com: https://www.reuters.com/article/business/opec-reaches-first-deal-to-cut-oil-output-since-2008-idUSKBN13P2CU/

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