# Q&A | Implications of the OPEC+ Announcement to Increase Oil Production - Center on Global Energy Policy at Columbia University SIPA | CGEP

> A Columbia CGEP Q&A explains that OPEC+ agreed on June 2 to add 648,000 b/d in July and August, and notes the group has struggled to meet prior quotas, with a reported shortfall of 2.7 million b/d in April. The physical supply impact is expected to be smaller than the headline increase.

- Date: 2022-06-08 · published 2022-06-08T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/40837-q-and-a-implications-of-the-opec-announcement-to-increase-oil-production-center
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Because actual output lags targets, the headline increase is unlikely to add much physical crude, leaving prices supported. Energy cost pressure persists for feed production and transport.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-12-03 | [Why the OPEC+ agreement to boost production in 2021 didn’t tank oil prices - MarketWatch](https://feedsoft.ai/events/49827-why-the-opec-agreement-to-boost-production-in-2021-didn-t-tank-oil-prices.md) | +0.5% | +7.0% |
| WTI | 2020-07-30 | [Analysis: First Chinese gas contracts linked to international LNG prices signal oil-gas decoupling continues \| S&P Global](https://feedsoft.ai/events/52294-analysis-first-chinese-gas-contracts-linked-to-international-lng-prices-signal.md) | +2.6% | +5.1% |
| WTI | 2023-04-13 | [BIS - The Changing Nexus Between Commodity Prices And The Dollar: Causes And Implications](https://feedsoft.ai/events/36298-bis-the-changing-nexus-between-commodity-prices-and-the-dollar-causes-and.md) | -4.9% | -12.9% |
| WTI | 2020-05-25 | [Low oil prices a consolation prize for container, dry bulk shipping - Supply Chain Council of European Union \| Scceu.org](https://feedsoft.ai/events/53345-low-oil-prices-a-consolation-prize-for-container-dry-bulk-shipping-supply-chain.md) | +6.2% | +21.4% |
| WTI | 2017-01-24 | [Is it too late for a Colombian oil boom? \| Global Risk Insights](https://feedsoft.ai/events/73274-is-it-too-late-for-a-colombian-oil-boom-global-risk-insights.md) | -0.3% | +2.4% |
| BRENT | 2020-12-03 | [Why the OPEC+ agreement to boost production in 2021 didn’t tank oil prices - MarketWatch](https://feedsoft.ai/events/49827-why-the-opec-agreement-to-boost-production-in-2021-didn-t-tank-oil-prices.md) | +1.7% | +7.3% |
| BRENT | 2026-01-01 | [COMMENTARY: China overtakes OPEC+ as the main oil price maker](https://feedsoft.ai/events/21669-commentary-china-overtakes-opec-as-the-main-oil-price-maker.md) | +2.6% | +16.0% |
| BRENT | 2017-04-24 | [Rival storylines duel in the global oil market \| The National](https://feedsoft.ai/events/71672-rival-storylines-duel-in-the-global-oil-market-the-national.md) | -0.7% | +4.4% |

## Sources

- energypolicy.columbia.edu: https://www.energypolicy.columbia.edu/publications/qa-implications-opec-announcement-increase-oil-production/

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