# Opec+ sticks to oil output policy after brief meeting - The Business Times

> An OPEC+ panel endorsed the group's current output policy at a brief virtual meeting on February 1, leaving 2 million bpd of cuts in place through 2023. Sources said the ministers did not discuss Chinese demand or Russian supply, and EU and G7 restrictions on Russian oil products take effect February 5.

- Date: 2023-02-01 · published 2023-02-01T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/37229-opec-sticks-to-oil-output-policy-after-brief-meeting-the-business-times
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

The unchanged cuts plus new restrictions on Russian product exports support diesel and crude prices, raising energy costs for feed logistics and biofuel feedstocks.

## Read by commodity

- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-10-04 | [Opec+ sticks to current output policy after oil price rally \| The National](https://feedsoft.ai/events/33522-opec-sticks-to-current-output-policy-after-oil-price-rally-the-national.md) | -3.8% | -6.0% |
| BRENT | 2023-08-04 | [OPEC+ Sticks To Oil Output Policy As Saudi Extends Voluntary Production Cut](https://feedsoft.ai/events/34492-opec-sticks-to-oil-output-policy-as-saudi-extends-voluntary-production-cut.md) | +1.5% | +1.6% |
| 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 | 2021-11-01 | [Oil hits multi-year highs as OPEC+ sticks to output plan](https://feedsoft.ai/events/44446-oil-hits-multi-year-highs-as-opec-sticks-to-output-plan.md) | -1.4% | -13.4% |
| BRENT | 2017-03-01 | [Oil rises as Opec sticks to output pledges, rising US production cap gains](https://feedsoft.ai/events/72159-oil-rises-as-opec-sticks-to-output-pledges-rising-us-production-cap-gains.md) | +1.5% | -6.3% |
| DIESEL | 2023-04-02 | [Oil prices surge after surprise move to cut output](https://feedsoft.ai/events/7947-oil-prices-surge-after-surprise-move-to-cut-output.md) | +2.0% | -10.0% |
| DIESEL | 2023-04-02 | [Oil leaps 6% as OPEC+ shocks markets by cutting output target](https://feedsoft.ai/events/7946-oil-leaps-6-as-opec-shocks-markets-by-cutting-output-target.md) | +2.0% | -10.0% |
| DIESEL | 2023-04-02 | [Goldman Sachs raises Brent oil price forecasts after OPEC+ output cuts](https://feedsoft.ai/events/7952-goldman-sachs-raises-brent-oil-price-forecasts-after-opec-output-cuts.md) | +2.0% | -10.0% |

## Sources

- businesstimes.com.sg: https://www.businesstimes.com.sg/international/opec-sticks-oil-output-policy-after-brief-meeting

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