# OPEC+ opens oil taps gradually as Russian war roils markets | AP News

> At an online meeting, OPEC+ kept its plan to gradually restore output and agreed to add 432,000 barrels per day in June. The increase restores cuts made in 2020 during the pandemic recession.

- Date: 2022-05-05 · published 2022-05-05T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/41318-opec-opens-oil-taps-gradually-as-russian-war-roils-markets-ap-news
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The increase is the planned monthly step rather than a new policy shift, so its price impact is small. Crude prices remain supported by the broader supply outlook.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-08-03 | [OPEC+ boosts oil output by slower pace than previous months \| AP News](https://feedsoft.ai/events/39948-opec-boosts-oil-output-by-slower-pace-than-previous-months-ap-news.md) | -3.4% | -4.0% |
| BRENT | 2017-06-02 | [Oil market to OPEC: Show me the data](https://feedsoft.ai/events/70393-oil-market-to-opec-show-me-the-data.md) | -6.5% | -6.3% |
| BRENT | 2022-01-04 | [OPEC+ Agrees to Revive More Oil Supplies as Market Looks Tighter](https://feedsoft.ai/events/43060-opec-agrees-to-revive-more-oil-supplies-as-market-looks-tighter.md) | +3.3% | +16.7% |
| BRENT | 2022-12-04 | [OPEC keeps oil supply cuts amid uncertainty of Russian sanctions - Los Angeles Times](https://feedsoft.ai/events/38142-opec-keeps-oil-supply-cuts-amid-uncertainty-of-russian-sanctions-los-angeles.md) | -11.4% | -5.6% |
| BRENT | 2021-02-03 | [Opec+ JMMC ends with no recommendation \| Latest Market News](https://feedsoft.ai/events/48550-opec-jmmc-ends-with-no-recommendation-latest-market-news.md) | +5.9% | +9.4% |
| WTI | 2022-08-03 | [OPEC+ boosts oil output by slower pace than previous months \| AP News](https://feedsoft.ai/events/39948-opec-boosts-oil-output-by-slower-pace-than-previous-months-ap-news.md) | -4.1% | -4.5% |
| WTI | 2017-06-02 | [Oil market to OPEC: Show me the data](https://feedsoft.ai/events/70393-oil-market-to-opec-show-me-the-data.md) | -5.5% | -7.1% |
| WTI | 2022-01-04 | [OPEC+ Agrees to Revive More Oil Supplies as Market Looks Tighter](https://feedsoft.ai/events/43060-opec-agrees-to-revive-more-oil-supplies-as-market-looks-tighter.md) | +2.8% | +16.0% |

## Sources

- apnews.com: https://apnews.com/article/russia-ukraine-covid-health-business-china-6d0f3a19c48f5ae16aa5cd33582f924b

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