# OPEC+ Won’t Increase Oil Production Despite Russia Output Cut, Delegates Say - Bloomberg

> OPEC+ partners signaled they will not raise output to offset Russia's announced cut of 500,000 barrels a day. The group has kept its existing output plan agreed last year.

- Date: 2023-02-10 · published 2023-02-10T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/37221-opec-won-t-increase-oil-production-despite-russia-output-cut-delegates-say
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Without a supply response, Russia's cut tightens available crude, which supports oil prices and energy-linked feed and biofuel costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-11-01 | [Oil Climbs With Russia in Talks on Delaying OPEC+ Output Hike - Bloomberg](https://feedsoft.ai/events/50319-oil-climbs-with-russia-in-talks-on-delaying-opec-output-hike-bloomberg.md) | +5.1% | +28.8% |
| BRENT | 2020-04-12 | [Oil News: OPEC+ Deal to Cut Production Reached, Price War Ends - Bloomberg](https://feedsoft.ai/events/53541-oil-news-opec-deal-to-cut-production-reached-price-war-ends-bloomberg.md) | -6.7% | +8.6% |
| BRENT | 2018-11-30 | [OPEC Advisory Committee Said to Recommend Oil Production Cut - Bloomberg](https://feedsoft.ai/events/61942-opec-advisory-committee-said-to-recommend-oil-production-cut-bloomberg.md) | +0.1% | -12.8% |
| BRENT | 2017-02-01 | [Oil prices stabilise as Russia joins OPEC in production cut - Offshore Energy](https://feedsoft.ai/events/72669-oil-prices-stabilise-as-russia-joins-opec-in-production-cut-offshore-energy.md) | -1.9% | -1.8% |
| BRENT | 2018-11-07 | [OPEC Considers 2019 Oil Production Cuts in Yet Another U-Turn - Bloomberg](https://feedsoft.ai/events/61949-opec-considers-2019-oil-production-cuts-in-yet-another-u-turn-bloomberg.md) | -8.3% | -13.6% |
| WTI | 2020-11-01 | [Oil Climbs With Russia in Talks on Delaying OPEC+ Output Hike - Bloomberg](https://feedsoft.ai/events/50319-oil-climbs-with-russia-in-talks-on-delaying-opec-output-hike-bloomberg.md) | +3.7% | +26.8% |
| WTI | 2020-04-12 | [Oil News: OPEC+ Deal to Cut Production Reached, Price War Ends - Bloomberg](https://feedsoft.ai/events/53541-oil-news-opec-deal-to-cut-production-reached-price-war-ends-bloomberg.md) | -19.9% | +5.3% |
| WTI | 2018-11-30 | [OPEC Advisory Committee Said to Recommend Oil Production Cut - Bloomberg](https://feedsoft.ai/events/61942-opec-advisory-committee-said-to-recommend-oil-production-cut-bloomberg.md) | +0.1% | -12.1% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2023-02-10/opec-won-t-boost-supply-in-reaction-to-russian-cut-delegates

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