# OPEC+ refuses to heed consumers’ call for more oil | OPEC News | Al Jazeera

> OPEC+ ratified a 432,000 bpd supply increase for May at an online meeting, resisting consumer calls for faster output growth. Brent was down 5.6% at $107.05 in early London trade as US plans for a 1 million bpd SPR release drove prices.

- Date: 2022-03-31 · published 2022-03-31T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/42175-opec-refuses-to-heed-consumers-call-for-more-oil-opec-news-al-jazeera
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

OPEC+ refusal to add extra barrels keeps crude supply tight, supporting energy and input costs for feed producers. The US SPR release is the main near-term price driver, so the net effect on energy prices is mixed.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-07-15 | [OPEC+ to boost oil production next month \| OPEC \| Al Jazeera](https://feedsoft.ai/events/52003-opec-to-boost-oil-production-next-month-opec-al-jazeera.md) | +3.2% | +2.7% |
| BRENT | 2020-07-15 | [OPEC and allies to ease cuts, allow more oil production \| AP News](https://feedsoft.ai/events/52002-opec-and-allies-to-ease-cuts-allow-more-oil-production-ap-news.md) | +3.2% | +2.7% |
| BRENT | 2020-03-30 | [US, Russian oil officials to meet as Brent crude hits 18-year low \| OPEC \| Al Jazeera](https://feedsoft.ai/events/54288-us-russian-oil-officials-to-meet-as-brent-crude-hits-18-year-low-opec-al-jazeera.md) | +21.9% | -26.3% |
| BRENT | 2020-03-06 | [Russia ‘playing with fire’ as OPEC+ talks collapse \| OPEC \| Al Jazeera](https://feedsoft.ai/events/54051-russia-playing-with-fire-as-opec-talks-collapse-opec-al-jazeera.md) | -36.6% | -51.4% |
| BRENT | 2018-06-21 | [OPEC ready to put more oil into a market that very much needs it - FreightWaves](https://feedsoft.ai/events/64698-opec-ready-to-put-more-oil-into-a-market-that-very-much-needs-it-freightwaves.md) | +3.2% | -3.8% |
| WTI | 2020-07-15 | [OPEC+ to boost oil production next month \| OPEC \| Al Jazeera](https://feedsoft.ai/events/52003-opec-to-boost-oil-production-next-month-opec-al-jazeera.md) | +3.8% | +3.1% |
| WTI | 2020-07-15 | [OPEC and allies to ease cuts, allow more oil production \| AP News](https://feedsoft.ai/events/52002-opec-and-allies-to-ease-cuts-allow-more-oil-production-ap-news.md) | +3.8% | +3.1% |
| WTI | 2020-03-30 | [US, Russian oil officials to meet as Brent crude hits 18-year low \| OPEC \| Al Jazeera](https://feedsoft.ai/events/54288-us-russian-oil-officials-to-meet-as-brent-crude-hits-18-year-low-opec-al-jazeera.md) | +64.1% | -28.3% |

## Sources

- aljazeera.com: https://www.aljazeera.com/economy/2022/3/31/opec-refuses-to-heed-consumers-call-for-more-oil

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