# OPEC+ Agrees on Another Gradual Oil-Production Hike for March - Bloomberg

> OPEC and its allies agreed to a further 400,000 barrels per day output increase for March, continuing their monthly pattern. Analysts noted that several members are struggling to deliver scheduled supply hikes due to under-investment and unrest in Nigeria and Libya. The reported shortfalls are fueling fears of a supply gap.

- Date: 2022-02-02 · published 2022-02-02T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/42627-opec-agrees-on-another-gradual-oil-production-hike-for-march-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Repeated failures to deliver promised barrels leave the market dependent on Gulf producers' spare capacity, supporting crude prices. Higher oil prices raise the cost of energy and transport inputs for feed manufacturers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-12-02 | [Oil Hits 9-Month High After OPEC+ Agrees to Gradual Output Hike - Bloomberg](https://feedsoft.ai/events/49555-oil-hits-9-month-high-after-opec-agrees-to-gradual-output-hike-bloomberg.md) | +2.4% | +8.4% |
| WTI | 2022-12-04 | [OPEC+ agrees to maintain oil production targets](https://feedsoft.ai/events/38140-opec-agrees-to-maintain-oil-production-targets.md) | -11.1% | -3.8% |
| WTI | 2023-11-30 | [OPEC+ agrees to oil production cut  \| Oil & Gas Journal](https://feedsoft.ai/events/33087-opec-agrees-to-oil-production-cut-oil-and-gas-journal.md) | -11.0% | -7.4% |
| WTI | 2023-04-02 | [OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - Bloomberg](https://feedsoft.ai/events/36323-opec-makes-surprise-1-million-barrel-oil-production-cut-bloomberg.md) | +5.4% | -0.0% |
| WTI | 2021-10-04 | [Oil Latest: OPEC+ Panel Recommends Sticking to Plan for Gradual Supply Hikes - Bloomberg](https://feedsoft.ai/events/44444-oil-latest-opec-panel-recommends-sticking-to-plan-for-gradual-supply-hikes.md) | +4.6% | +9.9% |
| BRENT | 2020-12-02 | [Oil Hits 9-Month High After OPEC+ Agrees to Gradual Output Hike - Bloomberg](https://feedsoft.ai/events/49555-oil-hits-9-month-high-after-opec-agrees-to-gradual-output-hike-bloomberg.md) | +3.4% | +8.1% |
| BRENT | 2022-12-04 | [OPEC+ agrees to maintain oil production targets](https://feedsoft.ai/events/38140-opec-agrees-to-maintain-oil-production-targets.md) | -11.4% | -5.6% |
| BRENT | 2023-04-02 | [OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - Bloomberg](https://feedsoft.ai/events/36323-opec-makes-surprise-1-million-barrel-oil-production-cut-bloomberg.md) | +7.4% | +1.0% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2022-02-02/opec-agrees-on-another-gradual-oil-production-hike-for-march
- worldoil.com: https://www.worldoil.com/news/2022/2/2/opec-agrees-on-another-gradual-oil-output-hike-for-march/

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