# OPEC+ holds firm on current oil production plan

> OPEC+ decided to hold firm on its plan to increase production by 400,000 b/d for December 2021 despite multiyear high crude prices. Novak cited signs of weaker oil demand in the European Union in October and continued pressure on global demand.

- Date: 2021-11-04 · published 2021-11-04T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/43985-opec-holds-firm-on-current-oil-production-plan
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Holding supply while citing softer EU demand leaves the balance tight but with some demand risk, so crude prices are likely to stay supported with volatility.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-02-01 | [OPEC+ agrees to stick to current production scheme](https://feedsoft.ai/events/37223-opec-agrees-to-stick-to-current-production-scheme.md) | -2.2% | -1.7% |
| WTI | 2023-08-08 | [No plan to change current crude production output – OPEC – Businessday NG](https://feedsoft.ai/events/34495-no-plan-to-change-current-crude-production-output-opec-businessday-ng.md) | +0.7% | +5.8% |
| WTI | 2016-11-30 | [Oil Surges on OPEC Deal to Cut Production - WSJ](https://feedsoft.ai/events/73786-oil-surges-on-opec-deal-to-cut-production-wsj.md) | +12.5% | +19.3% |
| WTI | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -6.2% |
| WTI | 2019-07-01 | [OPEC agrees to extend current production cuts by 9 months](https://feedsoft.ai/events/58006-opec-agrees-to-extend-current-production-cuts-by-9-months.md) | -1.4% | -2.5% |
| BRENT | 2023-02-01 | [OPEC+ agrees to stick to current production scheme](https://feedsoft.ai/events/37223-opec-agrees-to-stick-to-current-production-scheme.md) | -0.8% | -0.5% |
| BRENT | 2023-08-08 | [No plan to change current crude production output – OPEC – Businessday NG](https://feedsoft.ai/events/34495-no-plan-to-change-current-crude-production-output-opec-businessday-ng.md) | +1.0% | +4.2% |
| BRENT | 2016-11-30 | [Oil Surges on OPEC Deal to Cut Production - WSJ](https://feedsoft.ai/events/73786-oil-surges-on-opec-deal-to-cut-production-wsj.md) | +16.7% | +22.1% |

## Sources

- ogj.com: https://www.ogj.com/general-interest/economics-markets/article/14213478/opec-holds-firm-on-current-oil-production-plan?o_eid=8765D1142945E2S&rdx.ident%5Bpull%5D=omeda%7C8765D1142945E2S

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