# Caution from OPEC+ producers to keep oil prices high | AP News

> OPEC and non-member allies led by Russia agreed to add 400,000 barrels per day in March, in line with their monthly plan to restore cuts made during the 2020 pandemic. The alliance is keeping its gradual approach despite rising prices. The decision keeps supply growth limited.

- Date: 2022-02-02 · published 2022-02-02T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/42630-caution-from-opec-producers-to-keep-oil-prices-high-ap-news
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Limited supply additions amid strong demand support crude prices, which translate into higher energy and logistics costs for feed producers. Persistently high oil prices also add to inflation pressures.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-12-07 | [Oil producers join forces and cut production again \| AP News](https://feedsoft.ai/events/10626-oil-producers-join-forces-and-cut-production-again-ap-news.md) | +2.2% | -2.9% |
| BRENT | 2017-08-09 | [OPEC secures output compliance pledges from 4 producers \| AP News](https://feedsoft.ai/events/69360-opec-secures-output-compliance-pledges-from-4-producers-ap-news.md) | -3.5% | +2.6% |
| BRENT | 2022-10-05 | [Oil: OPEC+ imposes deep production cuts in a bid to shore up prices](https://feedsoft.ai/events/39057-oil-opec-imposes-deep-production-cuts-in-a-bid-to-shore-up-prices.md) | +2.1% | +2.3% |
| BRENT | 2021-03-04 | [OPEC And Allies Keep Oil Production Steady : NPR](https://feedsoft.ai/events/48040-opec-and-allies-keep-oil-production-steady-npr.md) | +5.2% | -1.3% |
| BRENT | 2017-03-01 | [Oil prices rise as OPEC production cut trims supply  \| Globalnews.ca](https://feedsoft.ai/events/72179-oil-prices-rise-as-opec-production-cut-trims-supply-globalnews-ca.md) | +1.5% | -6.3% |
| WTI | 2018-12-07 | [Oil producers join forces and cut production again \| AP News](https://feedsoft.ai/events/10626-oil-producers-join-forces-and-cut-production-again-ap-news.md) | +2.2% | -6.2% |
| WTI | 2017-08-09 | [OPEC secures output compliance pledges from 4 producers \| AP News](https://feedsoft.ai/events/69360-opec-secures-output-compliance-pledges-from-4-producers-ap-news.md) | -3.1% | +0.1% |
| WTI | 2022-10-05 | [Oil: OPEC+ imposes deep production cuts in a bid to shore up prices](https://feedsoft.ai/events/39057-oil-opec-imposes-deep-production-cuts-in-a-bid-to-shore-up-prices.md) | +3.3% | +1.9% |

## Sources

- apnews.com: https://apnews.com/article/russia-ukraine-business-europe-prices-opec-24b60b5cf1ffbebb5b403a04c29084ad

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