# OPEC, allies stick to modest output boost despite omicron | AP News

> OPEC and allied producers led by Russia voted to approve a 400,000 barrels per day increase in production for January. The steady, modest monthly increases frustrated the United States and other consumers as gasoline prices have risen. The decision came as the omicron variant raised concerns about fuel demand.

- Date: 2021-12-02 · published 2021-12-02T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/43498-opec-allies-stick-to-modest-output-boost-despite-omicron-ap-news
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The decision keeps the supply increase on schedule despite demand fears, which caps crude prices in the near term. Political pressure from consumers over fuel prices adds uncertainty to the path of supply.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-05-05 | [OPEC+ sticks to modest oil output hike despite price rally](https://feedsoft.ai/events/41317-opec-sticks-to-modest-oil-output-hike-despite-price-rally.md) | -2.1% | +8.4% |
| WTI | 2022-08-03 | [OPEC+ boosts oil output by slower pace than previous months \| AP News](https://feedsoft.ai/events/39948-opec-boosts-oil-output-by-slower-pace-than-previous-months-ap-news.md) | -4.1% | -4.5% |
| WTI | 2024-07-30 | [OPEC+ likely to stick to output policy at Aug 1 JMMC meeting](https://feedsoft.ai/events/29158-opec-likely-to-stick-to-output-policy-at-aug-1-jmmc-meeting.md) | -3.7% | +1.7% |
| WTI | 2024-10-02 | [OPEC+ panel sticks to output policy, doubles down on compliance](https://feedsoft.ai/events/27767-opec-panel-sticks-to-output-policy-doubles-down-on-compliance.md) | +5.4% | -4.0% |
| WTI | 2022-12-04 | [Algeria says OPEC+ decision to keep output unchanged appropriate](https://feedsoft.ai/events/38141-algeria-says-opec-decision-to-keep-output-unchanged-appropriate.md) | -11.1% | -3.8% |
| BRENT | 2022-05-05 | [OPEC+ sticks to modest oil output hike despite price rally](https://feedsoft.ai/events/41317-opec-sticks-to-modest-oil-output-hike-despite-price-rally.md) | -2.5% | +8.0% |
| BRENT | 2022-08-03 | [OPEC+ boosts oil output by slower pace than previous months \| AP News](https://feedsoft.ai/events/39948-opec-boosts-oil-output-by-slower-pace-than-previous-months-ap-news.md) | -3.4% | -4.0% |
| BRENT | 2024-07-30 | [OPEC+ likely to stick to output policy at Aug 1 JMMC meeting](https://feedsoft.ai/events/29158-opec-likely-to-stick-to-output-policy-at-aug-1-jmmc-meeting.md) | -4.3% | +0.7% |

## Sources

- apnews.com: https://apnews.com/article/coronavirus-pandemic-business-health-united-states-saudi-arabia-a531d4535d868e6ca92cd577c97e3465

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