# OPEC+ decision reflects easing concern of oil surplus, Omicron risk | Reuters

> OPEC+ raised its February output target by 400,000 barrels per day, a decision sources said reflected easing concern about a large first-quarter surplus. Internal OPEC+ data seen by Reuters pointed to surpluses of 800,000 bpd in January and 1.3 million bpd in February.

- Date: 2022-01-04 · published 2022-01-04T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/43058-opec-decision-reflects-easing-concern-of-oil-surplus-omicron-risk-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Projected surpluses of that size would add supply pressure on crude, so the group's decision to keep adding barrels is a bearish factor for oil prices. Lower crude tends to ease costs for diesel, freight and biofuel feedstocks.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2021-11-26 | [Oil skids on concerns of rising surplus in the first quarter](https://feedsoft.ai/events/4774-oil-skids-on-concerns-of-rising-surplus-in-the-first-quarter.md) | -14.7% | -6.8% |
| BRENT | 2021-06-22 | [OPEC+ discusses further easing of oil cuts from August -sources \| Reuters](https://feedsoft.ai/events/46494-opec-discusses-further-easing-of-oil-cuts-from-august-sources-reuters.md) | +0.0% | -7.7% |
| BRENT | 2021-07-19 | [Oil piles on losses following OPEC+ deal to boost supply, rising COVID cases \| Reuters](https://feedsoft.ai/events/6357-oil-piles-on-losses-following-opec-deal-to-boost-supply-rising-covid-cases.md) | +0.6% | -4.4% |
| BRENT | 2020-12-01 | [Oil slides as OPEC+ delays decision on output cuts](https://feedsoft.ai/events/49561-oil-slides-as-opec-delays-decision-on-output-cuts.md) | +3.2% | +7.5% |
| BRENT | 2021-04-27 | [OPEC+ sticks to plan to ease oil output cuts from May 1 \| Reuters](https://feedsoft.ai/events/47504-opec-sticks-to-plan-to-ease-oil-output-cuts-from-may-1-reuters.md) | +3.2% | +4.5% |
| WTI | 2021-11-26 | [Oil skids on concerns of rising surplus in the first quarter](https://feedsoft.ai/events/4774-oil-skids-on-concerns-of-rising-surplus-in-the-first-quarter.md) | -15.0% | -5.7% |
| WTI | 2021-06-22 | [OPEC+ discusses further easing of oil cuts from August -sources \| Reuters](https://feedsoft.ai/events/46494-opec-discusses-further-easing-of-oil-cuts-from-august-sources-reuters.md) | -0.9% | -8.5% |
| WTI | 2021-07-19 | [Oil piles on losses following OPEC+ deal to boost supply, rising COVID cases \| Reuters](https://feedsoft.ai/events/6357-oil-piles-on-losses-following-opec-deal-to-boost-supply-rising-covid-cases.md) | +0.6% | -4.7% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/opec-decision-reflects-easing-concern-oil-surplus-omicron-risk-2022-01-04/

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