# Oil ends higher after a day of wild swings on OPEC, Omicron | Reuters

> OPEC+ decided to boost January supply in line with previous months, which surprised a market that had expected a pause. Oil swung sharply during the session before ending higher. The group has been adding 400,000 bpd to its target while falling short of that monthly due to underinvestment in several members.

- Date: 2021-12-02 · published 2021-12-02T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/43501-oil-ends-higher-after-a-day-of-wild-swings-on-opec-omicron-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Actual supply growth is below the headline target because of underinvestment, which limits the bearish impact of the hike. Crude volatility transmits to energy costs that affect ingredient markets.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-01-04 | [Oil ends up at $80/bbl as OPEC+ sticks with Feb output hike \| Reuters](https://feedsoft.ai/events/43062-oil-ends-up-at-80-bbl-as-opec-sticks-with-feb-output-hike-reuters.md) | +2.8% | +16.0% |
| WTI | 2025-06-27 | [Oil steadies after report of planned OPEC+ August output hike \| Reuters](https://feedsoft.ai/events/24128-oil-steadies-after-report-of-planned-opec-august-output-hike-reuters.md) | +2.6% | +1.1% |
| WTI | 2025-01-29 | [Kazakhstan to decide on oil output cuts after OPEC+ meeting \| Reuters](https://feedsoft.ai/events/26426-kazakhstan-to-decide-on-oil-output-cuts-after-opec-meeting-reuters.md) | -1.5% | -7.1% |
| WTI | 2026-07-28 | [OPEC+ likely to pause oil output hikes after September, sources say \| Reuters](https://feedsoft.ai/events/18254-opec-likely-to-pause-oil-output-hikes-after-september-sources-say-reuters.md) | -2.7% | +2.6% |
| WTI | 2021-12-02 | [OPEC+ agrees on planned January oil output rise, sources say \| Reuters](https://feedsoft.ai/events/43497-opec-agrees-on-planned-january-oil-output-rise-sources-say-reuters.md) | +10.6% | +17.4% |
| BRENT | 2022-01-04 | [Oil ends up at $80/bbl as OPEC+ sticks with Feb output hike \| Reuters](https://feedsoft.ai/events/43062-oil-ends-up-at-80-bbl-as-opec-sticks-with-feb-output-hike-reuters.md) | +3.3% | +16.7% |
| BRENT | 2025-06-27 | [Oil steadies after report of planned OPEC+ August output hike \| Reuters](https://feedsoft.ai/events/24128-oil-steadies-after-report-of-planned-opec-august-output-hike-reuters.md) | +2.1% | +2.4% |
| BRENT | 2025-01-29 | [Kazakhstan to decide on oil output cuts after OPEC+ meeting \| Reuters](https://feedsoft.ai/events/26426-kazakhstan-to-decide-on-oil-output-cuts-after-opec-meeting-reuters.md) | -1.7% | -6.0% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-rises-views-opec-may-pause-supply-addition-amid-omicron-fears-2021-12-02/

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