# Oil prices: OPEC and Russia stick with plans to increase oil output in January | CNN Business

> OPEC and Russia confirmed plans to increase January output by 400,000 barrels per day. Analysts had expected a pause given the recent price fall and uncertainty over pandemic-driven demand. Brent and US crude turned negative on the announcement before recovering to trade about 1% higher near $69 and $66 a barrel.

- Date: 2021-12-02 · published 2021-12-02T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/43502-oil-prices-opec-and-russia-stick-with-plans-to-increase-oil-output-in-january
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The decision removed the possibility of a pause that many traders had priced in, so the net price impact was limited. Crude remains the key energy driver for biofuel and diesel costs.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-01-03 | [OPEC ready to adjust oil output increases: Barkindo - Markets - Business Recorder](https://feedsoft.ai/events/49056-opec-ready-to-adjust-oil-output-increases-barkindo-markets-business-recorder.md) | +7.8% | +10.6% |
| WTI | 2020-12-03 | [Opec+ agrees output hike from January - Business - DAWN.COM](https://feedsoft.ai/events/49556-opec-agrees-output-hike-from-january-business-dawn-com.md) | +0.5% | +7.0% |
| 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% |
| WTI | 2026-10-28 | [Opec+ agrees in principle to keep oil output targets steady in December, sources say - The Business Times](https://feedsoft.ai/events/4126-opec-agrees-in-principle-to-keep-oil-output-targets-steady-in-december-sources.md) | -2.1% | — |
| WTI | 2023-11-30 | [OPEC+ agrees to voluntary oil output cuts - Business & Finance - Business Recorder](https://feedsoft.ai/events/33089-opec-agrees-to-voluntary-oil-output-cuts-business-and-finance-business-recorder.md) | -11.0% | -7.4% |
| BRENT | 2021-01-03 | [OPEC ready to adjust oil output increases: Barkindo - Markets - Business Recorder](https://feedsoft.ai/events/49056-opec-ready-to-adjust-oil-output-increases-barkindo-markets-business-recorder.md) | +8.2% | +7.9% |
| BRENT | 2020-12-03 | [Opec+ agrees output hike from January - Business - DAWN.COM](https://feedsoft.ai/events/49556-opec-agrees-output-hike-from-january-business-dawn-com.md) | +1.7% | +7.3% |
| BRENT | 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) | +9.7% | +14.1% |

## Sources

- cnn.com: https://www.cnn.com/2021/12/02/business/opec-russia-oil-supply

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