# OPEC+ Keeps Oil Output Steady As Crude Prices Soar

> OPEC+ kept its crude production policy unchanged on April 3 after the producers extended voluntary cutbacks until June. Russia said it is in full compliance and will focus on reducing output rather than exports in the second quarter, while Iraq, the UAE and Gabon were flagged for pumping above quotas.

- Date: 2024-04-03 · published 2024-04-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/30646-opec-keeps-oil-output-steady-as-crude-prices-soar
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Continued compliance concerns and ongoing cuts keep the crude market tight, which supports energy prices. Higher crude costs feed into diesel, fertilizer and biofuel inputs for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-04-03 | [OPEC+ keeps output policy steady as oil nears $90 a barrel](https://feedsoft.ai/events/30641-opec-keeps-output-policy-steady-as-oil-nears-90-a-barrel.md) | +2.8% | -0.3% |
| BRENT | 2019-11-21 | [Oil Prices Surge as OPEC Looks to Cut Output \| INN](https://feedsoft.ai/events/56233-oil-prices-surge-as-opec-looks-to-cut-output-inn.md) | +2.3% | +7.2% |
| BRENT | 2017-02-01 | [Arab News \| Crude prices rise as OPEC cuts output as promised](https://feedsoft.ai/events/72674-arab-news-crude-prices-rise-as-opec-cuts-output-as-promised.md) | -1.9% | -1.8% |
| BRENT | 2024-04-03 | [OPEC+ ministers keep oil output policy steady \| Arab News](https://feedsoft.ai/events/30645-opec-ministers-keep-oil-output-policy-steady-arab-news.md) | +2.8% | -0.3% |
| BRENT | 2022-11-30 | [Crude Oil Prices Rise On Concerns OPEC+ Could Keep Oil Output Policy Unchanged](https://feedsoft.ai/events/38850-crude-oil-prices-rise-on-concerns-opec-could-keep-oil-output-policy-unchanged.md) | -4.2% | -0.8% |
| WTI | 2024-04-03 | [OPEC+ keeps output policy steady as oil nears $90 a barrel](https://feedsoft.ai/events/30641-opec-keeps-output-policy-steady-as-oil-nears-90-a-barrel.md) | +0.1% | -3.2% |
| WTI | 2019-11-21 | [Oil Prices Surge as OPEC Looks to Cut Output \| INN](https://feedsoft.ai/events/56233-oil-prices-surge-as-opec-looks-to-cut-output-inn.md) | +2.2% | +7.8% |
| WTI | 2017-02-01 | [Arab News \| Crude prices rise as OPEC cuts output as promised](https://feedsoft.ai/events/72674-arab-news-crude-prices-rise-as-opec-cuts-output-as-promised.md) | -1.1% | +2.0% |

## Sources

- db.forbesmiddleeast.com: https://db.forbesmiddleeast.com/industry/energy/opec-keeps-oil-output-steady-as-crude-prices-hit-highest-level-in-five-months

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