# OPEC+ sticks to modest oil output hike despite price rally

> OPEC+ agreed on May 5 to raise its June crude output target by 432,000 barrels per day, keeping to its plan to unwind 2020 pandemic cuts. The group said it could not be blamed for disruptions to Russian supply and flagged China's COVID lockdowns as a threat to demand.

- Date: 2022-05-05 · published 2022-05-05T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/41317-opec-sticks-to-modest-oil-output-hike-despite-price-rally
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The modest hike is largely expected and adds little supply, so it gives limited relief to crude prices, which stay elevated on Russia sanctions risk. Higher energy costs feed into diesel and freight costs for feed transport.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2021-12-02 | [OPEC, allies stick to modest output boost despite omicron \| AP News](https://feedsoft.ai/events/43498-opec-allies-stick-to-modest-output-boost-despite-omicron-ap-news.md) | +9.7% | +14.1% |
| BRENT | 2022-08-01 | [Oil output to see small hike to ease energy prices](https://feedsoft.ai/events/39952-oil-output-to-see-small-hike-to-ease-energy-prices.md) | -11.9% | -8.8% |
| BRENT | 2021-08-27 | [OPEC stays the course on output hikes as oil prices rebound](https://feedsoft.ai/events/45475-opec-stays-the-course-on-output-hikes-as-oil-prices-rebound.md) | +3.6% | +8.6% |
| BRENT | 2024-08-01 | [OPEC+ sticks to oil policy, repeats could pause Oct hike](https://feedsoft.ai/events/28690-opec-sticks-to-oil-policy-repeats-could-pause-oct-hike.md) | -3.4% | -2.1% |
| BRENT | 2022-01-04 | [Oil ends up at $80/bbl as OPEC+ sticks with Feb output hike \| Reuters](https://feedsoft.ai/events/43062-oil-ends-up-at-80-bbl-as-opec-sticks-with-feb-output-hike-reuters.md) | +3.3% | +16.7% |
| WTI | 2021-12-02 | [OPEC, allies stick to modest output boost despite omicron \| AP News](https://feedsoft.ai/events/43498-opec-allies-stick-to-modest-output-boost-despite-omicron-ap-news.md) | +10.6% | +17.4% |
| WTI | 2022-08-01 | [Oil output to see small hike to ease energy prices](https://feedsoft.ai/events/39952-oil-output-to-see-small-hike-to-ease-energy-prices.md) | -9.5% | -6.9% |
| WTI | 2021-08-27 | [OPEC stays the course on output hikes as oil prices rebound](https://feedsoft.ai/events/45475-opec-stays-the-course-on-output-hikes-as-oil-prices-rebound.md) | +3.9% | +9.9% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/opec-set-stick-modest-oil-output-rises-amid-price-rally-2022-05-05/

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