# OPEC+ meeting: Oil supply in focus amid omicron Covid variant fears

> OPEC+ said it would hike production by 400,000 barrels per day in January and that the meeting remains in session, allowing immediate adjustments if market conditions shift. The meeting was held amid fears that the omicron variant could dent demand. Brent rose 1.16% to settle at $69.67 a barrel after the announcement.

- Date: 2021-12-02 · published 2021-12-02T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/43500-opec-meeting-oil-supply-in-focus-amid-omicron-covid-variant-fears
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The explicit option to adjust output at short notice signals that supply could be cut if demand weakens further, which limits downside for crude. Crude price direction feeds into energy-linked feed input costs.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2025-10-07 | [Oil settles flat amid OPEC+ output hike, supply glut fears \| Reuters](https://feedsoft.ai/events/22308-oil-settles-flat-amid-opec-output-hike-supply-glut-fears-reuters.md) | -4.1% | -1.1% |
| WTI | 2026-06-08 | [Opec+ raises July oil production quotas amid supply concerns \| Malay Mail](https://feedsoft.ai/events/18720-opec-raises-july-oil-production-quotas-amid-supply-concerns-malay-mail.md) | -6.1% | -25.6% |
| WTI | 2020-12-04 | [OPEC holds it 12th Ministerial and non-OPEC Ministerial Meeting – Energy Focus Report](https://feedsoft.ai/events/49557-opec-holds-it-12th-ministerial-and-non-opec-ministerial-meeting-energy-focus.md) | +2.5% | +4.1% |
| WTI | 2023-02-01 | [OPEC+ committee recommends no change in oil output policy at virtual meeting](https://feedsoft.ai/events/37215-opec-committee-recommends-no-change-in-oil-output-policy-at-virtual-meeting.md) | -2.2% | -1.7% |
| WTI | 2022-10-31 | [OPEC Says Supply Surplus Was Main Reason for Oil Production Cut - Bloomberg](https://feedsoft.ai/events/39056-opec-says-supply-surplus-was-main-reason-for-oil-production-cut-bloomberg.md) | +5.4% | -12.2% |
| BRENT | 2025-10-07 | [Oil settles flat amid OPEC+ output hike, supply glut fears \| Reuters](https://feedsoft.ai/events/22308-oil-settles-flat-amid-opec-output-hike-supply-glut-fears-reuters.md) | -3.8% | -1.4% |
| BRENT | 2026-06-08 | [Opec+ raises July oil production quotas amid supply concerns \| Malay Mail](https://feedsoft.ai/events/18720-opec-raises-july-oil-production-quotas-amid-supply-concerns-malay-mail.md) | -7.5% | -26.2% |
| BRENT | 2020-12-04 | [OPEC holds it 12th Ministerial and non-OPEC Ministerial Meeting – Energy Focus Report](https://feedsoft.ai/events/49557-opec-holds-it-12th-ministerial-and-non-opec-ministerial-meeting-energy-focus.md) | +3.6% | +4.5% |

## Sources

- cnbc.com: https://www.cnbc.com/2021/12/02/opec-meeting-oil-supply-in-focus-amid-omicron-covid-variant-fears.html

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