# OPEC+ likely to stick to its guns despite price slump, delegates say | Reuters

> OPEC+ delegates told Reuters the group is likely to keep its 2 million bpd output cut agreed last October through the end of 2023, even after a banking crisis sent crude prices sharply lower. The group's stance is unchanged despite the sell-off.

- Date: 2023-03-22 · published 2023-03-22T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/36767-opec-likely-to-stick-to-its-guns-despite-price-slump-delegates-say-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Holding the cuts limits supply growth and supports crude prices, which feed into diesel costs and vegetable oil and biofuel economics that influence soybean oil and feed fat values.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-03-22 | [OPEC+ likely to stick to its guns despite price slump, delegates say - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/37048-opec-likely-to-stick-to-its-guns-despite-price-slump-delegates-say-energy-news.md) | +4.4% | +12.2% |
| BRENT | 2022-04-01 | [OPEC+ sticks to modest oil output boost despite price hike - CGTN](https://feedsoft.ai/events/41751-opec-sticks-to-modest-oil-output-boost-despite-price-hike-cgtn.md) | -6.9% | +1.2% |
| BRENT | 2021-10-04 | [OPEC+ agrees to stick to existing oil output plan, sources say \| Reuters](https://feedsoft.ai/events/44443-opec-agrees-to-stick-to-existing-oil-output-plan-sources-say-reuters.md) | +3.7% | +5.5% |
| BRENT | 2024-09-04 | [OPEC+ discussing delay to planned oil output hike in October, sources say \| Reuters](https://feedsoft.ai/events/11570-opec-discussing-delay-to-planned-oil-output-hike-in-october-sources-say-reuters.md) | -7.1% | -0.9% |
| BRENT | 2022-10-15 | [OAPEC Sec Gen says OPEC+ decision to cut oil production 'correct' \| Reuters](https://feedsoft.ai/events/39062-oapec-sec-gen-says-opec-decision-to-cut-oil-production-correct-reuters.md) | +0.8% | +4.6% |
| WTI | 2023-03-22 | [OPEC+ likely to stick to its guns despite price slump, delegates say - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/37048-opec-likely-to-stick-to-its-guns-despite-price-slump-delegates-say-energy-news.md) | +5.4% | +14.1% |
| WTI | 2022-04-01 | [OPEC+ sticks to modest oil output boost despite price hike - CGTN](https://feedsoft.ai/events/41751-opec-sticks-to-modest-oil-output-boost-despite-price-hike-cgtn.md) | -4.4% | +4.2% |
| WTI | 2021-10-04 | [OPEC+ agrees to stick to existing oil output plan, sources say \| Reuters](https://feedsoft.ai/events/44443-opec-agrees-to-stick-to-existing-oil-output-plan-sources-say-reuters.md) | +4.6% | +9.9% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/opec-likely-stick-its-guns-despite-price-slump-delegates-say-2023-03-22/

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