# OPEC+ sticks to plan for gradual oil output hike, price roars higher

> OPEC+ reconfirmed its existing production adjustment plan, under which 400,000 barrels per day would be added in November. The group had agreed in July to add that amount monthly until at least April 2022 to unwind 5.8 million bpd of pandemic-era cuts. Oil prices rose on the decision.

- Date: 2021-10-04 · published 2021-10-04T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/44442-opec-sticks-to-plan-for-gradual-oil-output-hike-price-roars-higher
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Keeping the planned monthly increase limits supply growth while demand recovers, which supports crude prices. Higher crude feeds through to diesel, fertilizer and freight costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-11-01 | [Oil hits multi-year highs as OPEC+ sticks to output plan](https://feedsoft.ai/events/44446-oil-hits-multi-year-highs-as-opec-sticks-to-output-plan.md) | -2.7% | -16.3% |
| WTI | 2022-04-01 | [OPEC+ sticks to modest oil output boost despite price hike - CGTN](https://feedsoft.ai/events/41751-opec-sticks-to-modest-oil-output-boost-despite-price-hike-cgtn.md) | -4.4% | +4.2% |
| WTI | 2021-10-04 | [Oil Latest: OPEC+ Panel Recommends Sticking to Plan for Gradual Supply Hikes - Bloomberg](https://feedsoft.ai/events/44444-oil-latest-opec-panel-recommends-sticking-to-plan-for-gradual-supply-hikes.md) | +4.6% | +9.9% |
| WTI | 2020-12-02 | [Oil Hits 9-Month High After OPEC+ Agrees to Gradual Output Hike - Bloomberg](https://feedsoft.ai/events/49555-oil-hits-9-month-high-after-opec-agrees-to-gradual-output-hike-bloomberg.md) | +2.4% | +8.4% |
| WTI | 2021-10-04 | [OPEC+ sticks to gradual monthly supply hikes \| Oil & Gas Journal](https://feedsoft.ai/events/44445-opec-sticks-to-gradual-monthly-supply-hikes-oil-and-gas-journal.md) | +4.6% | +9.9% |
| BRENT | 2021-11-01 | [Oil hits multi-year highs as OPEC+ sticks to output plan](https://feedsoft.ai/events/44446-oil-hits-multi-year-highs-as-opec-sticks-to-output-plan.md) | -1.4% | -13.4% |
| BRENT | 2022-04-01 | [OPEC+ sticks to modest oil output boost despite price hike - CGTN](https://feedsoft.ai/events/41751-opec-sticks-to-modest-oil-output-boost-despite-price-hike-cgtn.md) | -6.9% | +1.2% |
| BRENT | 2021-10-04 | [Oil Latest: OPEC+ Panel Recommends Sticking to Plan for Gradual Supply Hikes - Bloomberg](https://feedsoft.ai/events/44444-oil-latest-opec-panel-recommends-sticking-to-plan-for-gradual-supply-hikes.md) | +3.7% | +5.5% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/opec-seen-keeping-oil-output-policy-unchanged-opec-sources-say-2021-10-04/

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