# OPEC tells IMF that oil price rally mainly due to geopolitics, ETEnergyworld

> OPEC told the IMF's steering committee that the surge in oil prices was largely due to the Ukraine crisis. Brent averaged near $98 in Q1, up about $18 from late 2021, and OPEC+ plans a 432,000 bpd output increase for May.

- Date: 2022-04-22 · published 2022-04-22T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/42026-opec-tells-imf-that-oil-price-rally-mainly-due-to-geopolitics-etenergyworld
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

OPEC's refusal to add extra supply beyond its gradual plan signals continued tightness in crude. This keeps energy and input costs elevated for feed buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2021-02-03 | [OPEC+ maintains oil policy amid price rally](https://feedsoft.ai/events/48551-opec-maintains-oil-policy-amid-price-rally.md) | +5.9% | +9.4% |
| BRENT | 2023-10-04 | [Opec+ sticks to current output policy after oil price rally \| The National](https://feedsoft.ai/events/33522-opec-sticks-to-current-output-policy-after-oil-price-rally-the-national.md) | -3.8% | -6.0% |
| BRENT | 2019-07-03 | [OPEC, non-OPEC members decide on extending production cuts up to March 2020, ETEnergyworld](https://feedsoft.ai/events/58010-opec-non-opec-members-decide-on-extending-production-cuts-up-to-march-2020.md) | +2.7% | +1.7% |
| BRENT | 2022-09-05 | [OPEC+ makes small trim to world oil supplies as prices fall \| AP News](https://feedsoft.ai/events/39511-opec-makes-small-trim-to-world-oil-supplies-as-prices-fall-ap-news.md) | -0.9% | -5.0% |
| BRENT | 2022-02-04 | [OPEC+ meets quickly, sticks to script, dodges debate on geopolitics](https://feedsoft.ai/events/42626-opec-meets-quickly-sticks-to-script-dodges-debate-on-geopolitics.md) | +2.0% | +22.6% |
| WTI | 2021-02-03 | [OPEC+ maintains oil policy amid price rally](https://feedsoft.ai/events/48551-opec-maintains-oil-policy-amid-price-rally.md) | +6.5% | +12.0% |
| WTI | 2023-10-04 | [Opec+ sticks to current output policy after oil price rally \| The National](https://feedsoft.ai/events/33522-opec-sticks-to-current-output-policy-after-oil-price-rally-the-national.md) | -3.7% | -8.8% |
| WTI | 2019-07-03 | [OPEC, non-OPEC members decide on extending production cuts up to March 2020, ETEnergyworld](https://feedsoft.ai/events/58010-opec-non-opec-members-decide-on-extending-production-cuts-up-to-march-2020.md) | +7.6% | +4.4% |

## Sources

- energy.economictimes.indiatimes.com: https://energy.economictimes.indiatimes.com/news/oil-and-gas/opec-tells-imf-that-oil-price-rally-mainly-due-to-geopolitics/90991611

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