# Oil hits multi-year highs as OPEC+ sticks to output plan

> On Monday, OPEC+ agreed to keep its July pact to add 400,000 bpd each month until at least April 2022. The pact phases out 5.8 million bpd of production cuts. Oil prices hit multi-year highs after the decision.

- Date: 2021-11-01 · published 2021-11-01T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/44446-oil-hits-multi-year-highs-as-opec-sticks-to-output-plan
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A continued gradual supply increase, with oil at multi-year highs, keeps energy costs elevated for feed production and transport. Higher diesel and fertilizer costs can push up feed prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2017-12-01 | [Oil near 2½-year highs after OPEC extends output cuts](https://feedsoft.ai/events/67641-oil-near-21-2-year-highs-after-opec-extends-output-cuts.md) | -1.5% | +5.3% |
| 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 | [OPEC+ agrees to stick to existing oil output plan, sources say \| Reuters](https://feedsoft.ai/events/44443-opec-agrees-to-stick-to-existing-oil-output-plan-sources-say-reuters.md) | +4.6% | +9.9% |
| WTI | 2026-09-08 | [OPEC+ sticks with plan to keep oil output quotas unchanged \| Financial Post](https://feedsoft.ai/events/17383-opec-sticks-with-plan-to-keep-oil-output-quotas-unchanged-financial-post.md) | +10.6% | +1.7% |
| 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% |
| BRENT | 2017-12-01 | [Oil near 2½-year highs after OPEC extends output cuts](https://feedsoft.ai/events/67641-oil-near-21-2-year-highs-after-opec-extends-output-cuts.md) | -2.0% | +4.9% |
| 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% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-edge-lower-wake-jump-opec-supply-restraint-2021-10-05/

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