OPEC Production Decision

Dated events

1. Nov. 27, 2014 · OPEC refuses to cut production despite oil glut
   At its Vienna meeting, OPEC decided to keep its production target unchanged even though the world already had more oil than it needed, largely because Saudi Arabia wanted to protect its market share against U.S. shale producers. This meant oil prices, which had already been falling, had no floor, and companies that had borrowed heavily to drill in the U.S. suddenly faced the threat of going broke. Oil continued to drop for months, eventually triggering widespread layoffs and bankruptcies in the energy industry.
2. Nov. 30, 2016 · OPEC agrees to first production cut in eight years
   After two years of letting prices fall to squeeze out competitors, OPEC members agreed in Vienna to cut production by about 1.2 million barrels per day, their first coordinated reduction since 2008. The deal signaled that the painful price war was over and that oil-producing countries were willing to cooperate again, which reassured energy companies and the banks that had lent them money. Oil prices and energy company shares rose steadily in the weeks that followed.
3. March 9, 2020 · Oil falls about 25% as OPEC+ talks collapse and a Saudi price war begins
   Saudi Arabia slashed its official selling prices and announced plans to boost production after Russia refused to agree to deeper output cuts at the OPEC+ meeting days earlier. This flooded an already weak market during the early COVID-19 pandemic, making investors fear that cheap oil would bankrupt energy companies and spread losses through the banking system. In the following weeks, oil prices kept falling until producers eventually agreed to historic cuts in April.
4. Oct. 5, 2022 · OPEC+ agrees to cut its production targets by 2 million barrels per day
   OPEC+ agreed to reduce oil production by 2 million barrels per day, the largest cut since the pandemic; reports of a coming cut had already lifted prices in the days before. The decision raised fears that energy costs would stay high and make inflation harder to bring down, especially in the U.S. and Europe, just as central banks were trying to cool prices. It also created political tension between the U.S. and Saudi Arabia in the weeks that followed.
5. April 2, 2023 · OPEC+ announces surprise voluntary cuts of 1.16 million bpd
   Several OPEC+ members, led by Saudi Arabia, announced unexpected voluntary production cuts totaling about 1.16 million barrels per day, with no prior warning to markets. The surprise move made people worry that energy costs would rise again and reignite inflation just as it had started to cool in many countries. Oil prices jumped sharply at the open and dragged airline and transportation stocks lower in the days that followed.

Assets named in this scenario · 10

BPBrent oil · Brent Crude Oil FuturesOil · Crude Oil (WTI) FuturesEni S.p.A.Natural gas · Natural Gas FuturesRepsolShellSPDR S&P 500 ETF TrustTotalEnergies SEU.S. Global Jets ETF

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