# The Commodities Feed: OPEC+ weekend | articles | ING THINK

> OPEC+ was set to meet on Sunday to decide output policy for 2023. Preliminary data showed OPEC output fell by 1.05 million bbl/d in November to 28.79 million bbl/d, led by cuts from Saudi Arabia and the UAE. EU members were still negotiating a Russian crude price cap ahead of the EU seaborne crude ban taking effect on 5 December.

- Date: 2022-12-02 · published 2022-12-02T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/9751-the-commodities-feed-opec-weekend-articles-ing-think
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Deeper OPEC+ cuts would tighten crude supply and support energy prices, while a cap set near US$60/bbl would have limited effect on Russian revenues. Crude costs feed into diesel and freight, which affect feed production and delivery costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-09-06 | [The Commodities Feed: Saudi and Russian oil cuts \| articles \| ING THINK](https://feedsoft.ai/events/34067-the-commodities-feed-saudi-and-russian-oil-cuts-articles-ing-think.md) | +2.4% | +2.2% |
| BRENT | 2024-06-03 | [OPEC+ extends cuts \| articles \| ING THINK](https://feedsoft.ai/events/29657-opec-extends-cuts-articles-ing-think.md) | -2.0% | +7.9% |
| BRENT | 2023-12-01 | [Deeper OPEC+ supply cuts \| articles \| ING THINK](https://feedsoft.ai/events/32488-deeper-opec-supply-cuts-articles-ing-think.md) | -9.9% | -6.0% |
| BRENT | 2023-06-05 | [Saudi Arabia's 'icing on the cake' oil cut could feed US producers](https://feedsoft.ai/events/35400-saudi-arabia-s-icing-on-the-cake-oil-cut-could-feed-us-producers.md) | -1.7% | -1.8% |
| BRENT | 2021-01-06 | [ANALYSIS: Saudi Arabia comes to the aid of OPEC+ but seeks goodwill in return](https://feedsoft.ai/events/49057-analysis-saudi-arabia-comes-to-the-aid-of-opec-but-seeks-goodwill-in-return.md) | +5.4% | +7.8% |
| WTI | 2023-09-06 | [The Commodities Feed: Saudi and Russian oil cuts \| articles \| ING THINK](https://feedsoft.ai/events/34067-the-commodities-feed-saudi-and-russian-oil-cuts-articles-ing-think.md) | +2.5% | +2.9% |
| WTI | 2024-06-03 | [OPEC+ extends cuts \| articles \| ING THINK](https://feedsoft.ai/events/29657-opec-extends-cuts-articles-ing-think.md) | -1.9% | +8.5% |
| WTI | 2023-12-01 | [Deeper OPEC+ supply cuts \| articles \| ING THINK](https://feedsoft.ai/events/32488-deeper-opec-supply-cuts-articles-ing-think.md) | -8.8% | -5.2% |

## Sources

- think.ing.com: https://think.ing.com/articles/the-commodities-feed-opec-weekend/

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