# OPEC+ Agrees On Modest Oil Output Hike In June

> OPEC+ agreed on May 5 to stick to its scheduled 432,000 barrels per day June increase, which raises Nigeria's quota to 1.77 million bpd. Nigeria has struggled to meet previous quotas due to crude theft, sabotage and divestments.

- Date: 2022-05-05 · published 2022-05-05T12:00:00.000Z
- Category: policy · region Nigeria · magnitude low
- Page: https://feedsoft.ai/events/41323-opec-agrees-on-modest-oil-output-hike-in-june
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Nigeria's quota is unlikely to translate into extra supply because the country is already missing its targets, so the effect on global prices is minimal.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-06-22 | [Oil jumps as OPEC agrees to modest output hikes - The Globe and Mail](https://feedsoft.ai/events/11573-oil-jumps-as-opec-agrees-to-modest-output-hikes-the-globe-and-mail.md) | +11.9% | +7.2% |
| WTI | 2025-10-01 | [Oil settles up after OPEC+ opts for modest output hike](https://feedsoft.ai/events/22769-oil-settles-up-after-opec-opts-for-modest-output-hike.md) | -1.0% | -3.5% |
| WTI | 2025-10-05 | [OPEC+ opts for modest oil output hike as glut fears mount \| Reuters](https://feedsoft.ai/events/22302-opec-opts-for-modest-oil-output-hike-as-glut-fears-mount-reuters.md) | -3.1% | +0.2% |
| WTI | 2026-03-01 | [OPEC+ agrees modest oil output boost even as US war on Iran disrupts shipments](https://feedsoft.ai/events/20077-opec-agrees-modest-oil-output-boost-even-as-us-war-on-iran-disrupts-shipments.md) | +35.6% | +50.4% |
| WTI | 2022-05-05 | [OPEC+ sticks to modest oil output hike despite price rally](https://feedsoft.ai/events/41317-opec-sticks-to-modest-oil-output-hike-despite-price-rally.md) | -2.1% | +8.4% |
| BRENT | 2018-06-22 | [Oil jumps as OPEC agrees to modest output hikes - The Globe and Mail](https://feedsoft.ai/events/11573-oil-jumps-as-opec-agrees-to-modest-output-hikes-the-globe-and-mail.md) | +5.6% | -1.0% |
| BRENT | 2025-10-01 | [Oil settles up after OPEC+ opts for modest output hike](https://feedsoft.ai/events/22769-oil-settles-up-after-opec-opts-for-modest-output-hike.md) | -2.2% | -5.2% |
| BRENT | 2025-10-05 | [OPEC+ opts for modest oil output hike as glut fears mount \| Reuters](https://feedsoft.ai/events/22302-opec-opts-for-modest-oil-output-hike-as-glut-fears-mount-reuters.md) | -2.7% | -0.1% |

## Sources

- forbesmiddleeast.com: https://forbesmiddleeast.com/industry/energy/opec-maintains-small-supply-increase-as-eu-considers-russian-oil-embargo

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