# OPEC+ raises output faster as Russia's war roils global energy markets

> OPEC+ agreed to raise July and August output by 648,000 bpd, a larger-than-expected increase, bringing forward the end of pandemic-era cuts. WTI settled at $116.87 per barrel, up 1.4%, as prices reversed early losses.

- Date: 2022-06-02 · published 2022-06-02T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/40838-opec-raises-output-faster-as-russia-s-war-roils-global-energy-markets
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The larger hike is offset by market focus on tight supply and EU sanctions on Russian oil, so crude stays firm. Higher energy prices raise costs across feed logistics and fertilizer.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-03-02 | [Factbox: Global oil benchmarks rally above $100/b as markets shun Russian barrels](https://feedsoft.ai/events/6285-factbox-global-oil-benchmarks-rally-above-100-b-as-markets-shun-russian-barrels.md) | +19.4% | +0.6% |
| WTI | 2022-03-02 | [Oil jumps to highest since 2011 as OPEC holds output steady despite Russia's war on Ukraine](https://feedsoft.ai/events/42432-oil-jumps-to-highest-since-2011-as-opec-holds-output-steady-despite-russia-s.md) | +19.4% | +0.6% |
| WTI | 2024-11-03 | [Oil Rises as OPEC+ Delays Output Hike, Election Roils Trading](https://feedsoft.ai/events/27307-oil-rises-as-opec-delays-output-hike-election-roils-trading.md) | +1.3% | -2.1% |
| WTI | 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) | -1.1% | +2.0% |
| WTI | 2022-02-21 | [Oil rises as Russia-West stand-off alarms tight market](https://feedsoft.ai/events/42858-oil-rises-as-russia-west-stand-off-alarms-tight-market.md) | +5.3% | +23.0% |
| BRENT | 2020-02-06 | [U.S., global oil benchmarks split ways as Russia resists deeper OPEC+ output cuts - MarketWatch](https://feedsoft.ai/events/54750-u-s-global-oil-benchmarks-split-ways-as-russia-resists-deeper-opec-output-cuts.md) | +0.6% | -6.9% |
| BRENT | 2022-03-02 | [Factbox: Global oil benchmarks rally above $100/b as markets shun Russian barrels](https://feedsoft.ai/events/6285-factbox-global-oil-benchmarks-rally-above-100-b-as-markets-shun-russian-barrels.md) | +21.0% | +3.3% |
| BRENT | 2022-03-02 | [Oil jumps to highest since 2011 as OPEC holds output steady despite Russia's war on Ukraine](https://feedsoft.ai/events/42432-oil-jumps-to-highest-since-2011-as-opec-holds-output-steady-despite-russia-s.md) | +21.0% | +3.3% |

## Sources

- cnbc.com: https://www.cnbc.com/2022/06/02/oil-prices-eu-sanctions-russia-saudi-arabia-output-opec.html

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