# OPEC+ swerves Ukraine crisis and sticks to oil output plans

> Oil prices rose above $110 a barrel in the week, reaching their highest since 2014, as Western sanctions tightened on Moscow over its invasion of Ukraine. The sanctions disrupted oil sales from Russia, the world's second-largest oil exporter. OPEC+ decided to stick to its planned output increases.

- Date: 2022-03-02 · published 2022-03-02T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/42428-opec-swerves-ukraine-crisis-and-sticks-to-oil-output-plans
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lost Russian barrels tighten global crude supply, pushing energy costs higher and raising grain and feed production costs through fuel, fertilizer and freight channels.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2022-03-07 | 5 | +23.6% | 5.8 | OPEC+ stuck to planned output increases despite the sanctions, so no extra supply offset Russian disruption. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-05-05 | [Opec+ sticks to June output plan as oil prices continue to rise   \| The National](https://feedsoft.ai/events/41320-opec-sticks-to-june-output-plan-as-oil-prices-continue-to-rise-the-national.md) | -2.5% | +8.0% |
| BRENT | 2022-03-31 | [Arab News \| OPEC+ sticks to current oil output plan despite consumers’ pressures](https://feedsoft.ai/events/42179-arab-news-opec-sticks-to-current-oil-output-plan-despite-consumers-pressures.md) | -11.9% | -6.8% |
| BRENT | 2022-03-30 | [OPEC+ sticks to modest oil output rises, ditches IEA data](https://feedsoft.ai/events/42174-opec-sticks-to-modest-oil-output-rises-ditches-iea-data.md) | -4.4% | -6.5% |
| BRENT | 2022-02-02 | [OPEC+ sticks to planned output hikes despite surging oil prices \| OPEC News \| Al Jazeera](https://feedsoft.ai/events/42631-opec-sticks-to-planned-output-hikes-despite-surging-oil-prices-opec-news-al.md) | +4.1% | +20.3% |
| BRENT | 2022-03-02 | [Oil jumps to highest since 2011 as OPEC holds output steady despite Russia's war on Ukraine](https://feedsoft.ai/events/42432-oil-jumps-to-highest-since-2011-as-opec-holds-output-steady-despite-russia-s.md) | +21.0% | +3.3% |
| WTI | 2022-05-05 | [Opec+ sticks to June output plan as oil prices continue to rise   \| The National](https://feedsoft.ai/events/41320-opec-sticks-to-june-output-plan-as-oil-prices-continue-to-rise-the-national.md) | -2.1% | +8.4% |
| WTI | 2022-03-31 | [Arab News \| OPEC+ sticks to current oil output plan despite consumers’ pressures](https://feedsoft.ai/events/42179-arab-news-opec-sticks-to-current-oil-output-plan-despite-consumers-pressures.md) | -10.6% | -2.2% |
| WTI | 2022-03-30 | [OPEC+ sticks to modest oil output rises, ditches IEA data](https://feedsoft.ai/events/42174-opec-sticks-to-modest-oil-output-rises-ditches-iea-data.md) | -2.2% | -2.2% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/opec-seen-sticking-modest-output-rises-despite-oil-rally-2022-03-02/

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