# OPEC+ meets quickly, sticks to script, dodges debate on geopolitics

> OPEC+ held a record-short online meeting and agreed to raise its collective oil production target by 400,000 barrels per day for March, sticking to its previously planned increase. The decision came after oil prices rose about 15% during January amid geopolitical tensions. The group avoided discussing geopolitics or its limited spare capacity.

- Date: 2022-02-04 · published 2022-02-04T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/42626-opec-meets-quickly-sticks-to-script-dodges-debate-on-geopolitics
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

With little spare capacity, a modest planned increase does little to ease tight crude supply, which keeps energy costs elevated for feed producers through diesel, natural gas and fertilizer. Higher energy costs also feed into freight and processing expenses.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-04-22 | [OPEC tells IMF that oil price rally mainly due to geopolitics, ETEnergyworld](https://feedsoft.ai/events/42026-opec-tells-imf-that-oil-price-rally-mainly-due-to-geopolitics-etenergyworld.md) | -1.0% | +4.5% |
| BRENT | 2023-02-01 | [Opec+ sticks to oil output policy after brief meeting - The Business Times](https://feedsoft.ai/events/37229-opec-sticks-to-oil-output-policy-after-brief-meeting-the-business-times.md) | -0.8% | -0.5% |
| BRENT | 2021-10-04 | [OPEC+ sticks to gradual monthly supply hikes \| Oil & Gas Journal](https://feedsoft.ai/events/44445-opec-sticks-to-gradual-monthly-supply-hikes-oil-and-gas-journal.md) | +3.7% | +5.5% |
| BRENT | 2023-03-22 | [OPEC+ likely to stick to its guns despite price slump, delegates say \| Reuters](https://feedsoft.ai/events/36767-opec-likely-to-stick-to-its-guns-despite-price-slump-delegates-say-reuters.md) | +4.4% | +12.2% |
| BRENT | 2022-04-01 | [OPEC+ sticks to modest oil output boost despite price hike - CGTN](https://feedsoft.ai/events/41751-opec-sticks-to-modest-oil-output-boost-despite-price-hike-cgtn.md) | -6.9% | +1.2% |
| WTI | 2022-04-22 | [OPEC tells IMF that oil price rally mainly due to geopolitics, ETEnergyworld](https://feedsoft.ai/events/42026-opec-tells-imf-that-oil-price-rally-mainly-due-to-geopolitics-etenergyworld.md) | +1.5% | +8.0% |
| WTI | 2021-10-04 | [OPEC+ sticks to gradual monthly supply hikes \| Oil & Gas Journal](https://feedsoft.ai/events/44445-opec-sticks-to-gradual-monthly-supply-hikes-oil-and-gas-journal.md) | +4.6% | +9.9% |
| WTI | 2023-03-22 | [OPEC+ likely to stick to its guns despite price slump, delegates say \| Reuters](https://feedsoft.ai/events/36767-opec-likely-to-stick-to-its-guns-despite-price-slump-delegates-say-reuters.md) | +5.4% | +14.1% |

## Sources

- reuters.com: https://www.reuters.com/markets/europe/opec-meets-quickly-sticks-script-dodges-debate-geopolitics-2022-02-04/

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