# OPEC+ Sticks To Modest Oil Production Hike Despite Calls For More Supply

> OPEC+ agreed to increase oil production by 432,000 bpd for May, slightly above the usual 400,000 bpd step. The US decided on the same day to release 1 million bpd from its Strategic Petroleum Reserve for six months.

- Date: 2022-03-31 · published 2022-03-31T12:00:00.000Z
- Category: policy · region US · magnitude medium
- Page: https://feedsoft.ai/events/42180-opec-sticks-to-modest-oil-production-hike-despite-calls-for-more-supply
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The modest OPEC+ increase is outweighed by the record SPR release, which adds supply and tends to lower crude and diesel prices. Lower energy costs ease feed production and transport expenses.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-09-01 | [OPEC+ Sticks to Agreed Schedule for Oil-Production Increases](https://feedsoft.ai/events/44983-opec-sticks-to-agreed-schedule-for-oil-production-increases.md) | +1.3% | +9.5% |
| WTI | 2025-10-03 | [OPEC+ agrees to modest oil production increase for November](https://feedsoft.ai/events/22305-opec-agrees-to-modest-oil-production-increase-for-november.md) | +1.7% | +0.1% |
| WTI | 2021-07-18 | [OPEC, allies agree to boost supply, gradually end oil production cuts](https://feedsoft.ai/events/45987-opec-allies-agree-to-boost-supply-gradually-end-oil-production-cuts.md) | +0.6% | -4.7% |
| WTI | 2024-07-18 | [OPEC+ will stick to oil production hike plan as upcoming meeting, delegates report](https://feedsoft.ai/events/29162-opec-will-stick-to-oil-production-hike-plan-as-upcoming-meeting-delegates-report.md) | -6.4% | -6.9% |
| WTI | 2021-09-01 | [OPEC+ sticks to gradual oil output hikes, ups demand forecast](https://feedsoft.ai/events/44977-opec-sticks-to-gradual-oil-output-hikes-ups-demand-forecast.md) | +1.3% | +9.5% |
| BRENT | 2021-09-01 | [OPEC+ Sticks to Agreed Schedule for Oil-Production Increases](https://feedsoft.ai/events/44983-opec-sticks-to-agreed-schedule-for-oil-production-increases.md) | -2.2% | +7.5% |
| BRENT | 2025-10-03 | [OPEC+ agrees to modest oil production increase for November](https://feedsoft.ai/events/22305-opec-agrees-to-modest-oil-production-increase-for-november.md) | +2.2% | +0.4% |
| BRENT | 2021-07-18 | [OPEC, allies agree to boost supply, gradually end oil production cuts](https://feedsoft.ai/events/45987-opec-allies-agree-to-boost-supply-gradually-end-oil-production-cuts.md) | +0.6% | -4.4% |

## Sources

- db.forbesmiddleeast.com: https://db.forbesmiddleeast.com/industry/energy/opec-makes-modest-adjustment-to-oil-output-snubs-calls-to-pump-more

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