Market history · Commodities ·
OPEC agrees its first output cut since 2008
On 30 November 2016 OPEC agreed in Vienna to cut production by about 1.2 million barrels a day from January 2017, its first cut since 2008. Non-OPEC producers, including Russia, later agreed to join the effort. Oil prices jumped roughly 8–9% on the announcement.
The agreement, and the wider OPEC+ format that followed, made producer coordination a lasting influence on oil prices.
The takeaway
Supply-side policy decisions can shift a market as much as demand.
Asset classes:Commodities
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