# OPEC+ in driver's seat as oil supply growth lags demand

> Oil rose to about $85 a barrel after OPEC and allies announced cuts of about 1.16 million bpd. OPEC is pumping almost 1 million bpd below its output target, with shortfalls in Nigeria and Angola. OPEC forecasts non-OPEC supply growth of 1.44 million bpd, short of expected demand growth of 2.32 million bpd.

- Date: 2023-04-04 · published 2023-04-04T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/36327-opec-in-driver-s-seat-as-oil-supply-growth-lags-demand
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Demand growth exceeding supply growth, combined with OPEC underproduction, supports a firmer crude market. This keeps energy and transport costs elevated for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-01-03 | [Oil rises in choppy trade as OPEC supply cuts vie with demand worry](https://feedsoft.ai/events/10830-oil-rises-in-choppy-trade-as-opec-supply-cuts-vie-with-demand-worry.md) | +10.9% | +13.4% |
| BRENT | 2021-03-05 | [Oil surges after OPEC+ hold cuts, strong U.S. jobs growth](https://feedsoft.ai/events/48303-oil-surges-after-opec-hold-cuts-strong-u-s-jobs-growth.md) | +3.7% | -4.0% |
| 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 | 2019-06-28 | [Arab News \| OPEC ‘set to roll over supply  deal, discuss deeper oil curbs’](https://feedsoft.ai/events/58527-arab-news-opec-set-to-roll-over-supply-deal-discuss-deeper-oil-curbs.md) | -4.4% | -4.9% |
| BRENT | 2019-10-10 | [Arab News \| Deeper oil supply cut ‘an option,’ says OPEC chief](https://feedsoft.ai/events/56472-arab-news-deeper-oil-supply-cut-an-option-says-opec-chief.md) | +0.6% | +4.9% |
| WTI | 2019-01-03 | [Oil rises in choppy trade as OPEC supply cuts vie with demand worry](https://feedsoft.ai/events/10830-oil-rises-in-choppy-trade-as-opec-supply-cuts-vie-with-demand-worry.md) | +12.6% | +16.8% |
| WTI | 2021-03-05 | [Oil surges after OPEC+ hold cuts, strong U.S. jobs growth](https://feedsoft.ai/events/48303-oil-surges-after-opec-hold-cuts-strong-u-s-jobs-growth.md) | +3.5% | -3.8% |
| 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

- reuters.com: https://www.reuters.com/business/energy/opec-drivers-seat-oil-supply-growth-lags-demand-2023-04-04/

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