# OPEC+ sticks to gradual monthly supply hikes | Oil & Gas Journal

> OPEC+ agreed on October 4 to keep its existing plan to raise output by 400,000 b/d in November. WTI rose as much as 3.3% to about $78.38/bbl, its highest in almost seven years, and Brent topped $81/bbl. Hurricane Ida disruptions in the US Gulf and high natural gas prices were also cited as tightening the market.

- Date: 2021-10-04 · published 2021-10-04T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/44445-opec-sticks-to-gradual-monthly-supply-hikes-oil-and-gas-journal
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Oil prices are rising on a tight market with supply disruptions and strong demand, which lifts energy and freight costs for feed buyers. OPEC+ ministers' next meeting is on November 4, which could shift the outlook.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2016-12-05 | [OPEC makes a deal \| Oil & Gas Journal](https://feedsoft.ai/events/73391-opec-makes-a-deal-oil-and-gas-journal.md) | -0.4% | +1.3% |
| 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 | 2021-10-04 | [OPEC+ sticks to plan for gradual oil output hike, price roars higher](https://feedsoft.ai/events/44442-opec-sticks-to-plan-for-gradual-oil-output-hike-price-roars-higher.md) | +4.6% | +9.9% |
| WTI | 2023-11-30 | [OPEC+ agrees to oil production cut  \| Oil & Gas Journal](https://feedsoft.ai/events/33087-opec-agrees-to-oil-production-cut-oil-and-gas-journal.md) | -11.0% | -7.4% |
| 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% |
| BRENT | 2016-12-05 | [OPEC makes a deal \| Oil & Gas Journal](https://feedsoft.ai/events/73391-opec-makes-a-deal-oil-and-gas-journal.md) | -0.3% | +3.5% |
| 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% |
| BRENT | 2021-10-04 | [OPEC+ sticks to plan for gradual oil output hike, price roars higher](https://feedsoft.ai/events/44442-opec-sticks-to-plan-for-gradual-oil-output-hike-price-roars-higher.md) | +3.7% | +5.5% |

## Sources

- ogj.com: https://www.ogj.com/general-interest/economics-markets/article/14211495/opec-sticks-to-gradual-monthly-supply-hikes

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