Editing OPEC (section)

===2017–2020: Production cut and OPEC+===
As OPEC members grew weary of a multi-year supply-contest with [[diminishing returns]] and shrinking financial reserves, the organization finally attempted its first production cut since 2008. Despite many political obstacles, a September 2016 decision to trim approximately 1&nbsp;million barrels per day was codified by a new quota-agreement at the November 2016 OPEC conference. The agreement (which exempted disruption-ridden members Libya and Nigeria) covered the first half of 2017 – alongside promised reductions from Russia and ten other non-members, offset by expected increases in the US shale-sector, Libya, Nigeria, [[#Spare capacity|spare capacity]], and surging late-2016 OPEC production before the cuts took effect. Indonesia announced another "temporary suspension" of its OPEC membership rather than accepting the organization's requested 5-percent production-cut. Prices fluctuated around US$50/bbl, and in May 2017 OPEC decided to extend the new quotas through March 2018, with the world waiting to see if and how the oil-inventory glut might be fully siphoned-off by then.<ref name=LeavingAgain/><ref>{{cite press release |url= http://www.opec.org/opec_web/en/press_room/3912.htm |title= OPEC 171st Meeting concludes |work=OPEC |date=30 November 2016 |access-date=30 November 2016 |archive-url=https://web.archive.org/web/20161201015438/http://www.opec.org/opec_web/en/press_room/3912.htm |archive-date=1 December 2016 |url-status=live }}</ref><ref name=May2017Vienna/> Longtime oil analyst [[Daniel Yergin]] "described the relationship between OPEC and shale as 'mutual coexistence', with both sides learning to live with prices that are lower than they would like."<ref>{{cite news |url=https://www.bloomberg.com/news/articles/2017-03-07/opec-said-to-break-bread-with-shale-in-rare-show-of-detente |title=OPEC Said to Break Bread With Shale in Rare Show of Detente |publisher=Bloomberg News |date=7 March 2017 |access-date=8 March 2017 |archive-url=https://web.archive.org/web/20170307220233/https://www.bloomberg.com/news/articles/2017-03-07/opec-said-to-break-bread-with-shale-in-rare-show-of-detente |archive-date=7 March 2017 |url-status=live }}</ref> These production cut deals with non-OPEC countries are generally referred to as ''OPEC+''.<ref>{{cite news |title=Where OPEC+ Oil Production Stands Now – Bloomberg |website=[[Bloomberg News]] |url=https://www.bloomberg.com/graphics/opec-production-targets/ |access-date=19 March 2020|last1=Wingfield |first1=Brian |last2=Dodge |first2=Samuel |last3=Pogkas |first3=Demetrios |last4=Sam |first4=Cedric }}</ref><ref>{{cite web |title=OPEC Is Dead, Long Live OPEC+ |website=[[Forbes]] |url=https://www.forbes.com/sites/arielcohen/2018/06/29/opec-is-dead-long-live-opec/#5abfd30b2217 |access-date=19 March 2020}}</ref>

In December 2017, Russia and OPEC agreed to extend the production cut of 1.8 mbpd until the end of 2018.<ref>{{Cite news| title = Russia backs gradual, managed exit from oil cuts with OPEC| work = Reuters| access-date = 25 December 2017| date = 22 December 2017| url = https://www.reuters.com/article/us-russia-oil-opec/russia-backs-gradual-managed-exit-from-oil-cuts-with-opec-idUSKBN1EG11V| archive-url = https://web.archive.org/web/20171226073926/https://www.reuters.com/article/us-russia-oil-opec/russia-backs-gradual-managed-exit-from-oil-cuts-with-opec-idUSKBN1EG11V| archive-date = 26 December 2017| url-status = live}}</ref><ref>{{Cite web |url=https://www.sharptrader.com/feature/opec-extend-production-cuts-throughout-2018/ |title=OPEC to extend production cuts throughout 2018 |date=30 November 2017 |access-date=23 December 2018 |archive-url=https://web.archive.org/web/20181224074148/https://www.sharptrader.com/feature/opec-extend-production-cuts-throughout-2018/ |archive-date=24 December 2018 |url-status=live }}</ref>

Qatar announced it would withdraw from OPEC effective 1 January 2019.<ref>{{Cite news|url=https://www.aljazeera.com/news/2018/12/qatar-withdraw-opec-january-2019-181203061900372.html|title=Qatar to withdraw from OPEC in January 2019|archive-url=https://web.archive.org/web/20181203091543/https://www.aljazeera.com/news/2018/12/qatar-withdraw-opec-january-2019-181203061900372.html|archive-date=3 December 2018|url-status=live}}</ref> According to ''[[The New York Times]]'', this was a strategic response to the [[Qatar diplomatic crisis]] which Qatar was involved with Saudi Arabia, [[United Arab Emirates]], [[Bahrain]], and [[Egypt]].<ref>{{Cite news|url=https://www.nytimes.com/2018/12/10/opinion/qatar-leaving-opec-saudi-arabia-blockade-failure.html|title=Why is Qatar leaving OPEC?|newspaper=[[The New York Times]]|date=10 December 2018 |archive-url=https://web.archive.org/web/20181216040018/https://www.nytimes.com/2018/12/10/opinion/qatar-leaving-opec-saudi-arabia-blockade-failure.html|archive-date=16 December 2018|url-status=live|last=Ulrichsen|first=Kristian Coates }}</ref>

On 29 June 2019, Russia again agreed with Saudi Arabia to extend by six to nine months the original production cuts of 2018.<ref>{{Cite news|url=https://www.reuters.com/article/us-g20-summit-putin-opec-idUSKCN1TU0AF|title=Russia agrees with Saudi Arabia to extend OPEC+ oil output deal|date=29 June 2019|work=[[Reuters]]|access-date=1 July 2019|archive-url=https://web.archive.org/web/20190701211015/https://www.reuters.com/article/us-g20-summit-putin-opec-idUSKCN1TU0AF|archive-date=1 July 2019|url-status=live}}</ref>

In October 2019, Ecuador announced it would withdraw from OPEC on 1 January 2020 due to financial problems facing the country.<ref>{{Cite news|url=https://www.euronews.com/2019/10/01/ecuador-to-leave-opec-in-2020-due-to-fiscal-problems-ministry|title=Ecuador to leave OPEC in 2020 due to fiscal problems – ministry|date=1 October 2019|publisher=[[Euronews]]|access-date=1 October 2019|archive-url=https://web.archive.org/web/20191001210325/https://www.euronews.com/2019/10/01/ecuador-to-leave-opec-in-2020-due-to-fiscal-problems-ministry|archive-date=1 October 2019|url-status=live}}</ref>

In December 2019, OPEC and Russia agreed one of the deepest output cuts so far to prevent oversupply in a deal that will last for the first three months of 2020.<ref>{{Cite news|url=https://www.reuters.com/article/us-oil-opec-idUSKBN1Y90UK|title=OPEC, allies agree to deepen oil output cuts|date=5 December 2019|work=[[Reuters]]|access-date=5 December 2019|archive-url=https://web.archive.org/web/20191205195453/https://www.reuters.com/article/us-oil-opec-idUSKBN1Y90UK|archive-date=5 December 2019|url-status=live}}</ref>