# Oil at 7-year high after OPEC+ decides on cautious increase – KION Central Coast

> OPEC+ decided to add 400,000 barrels per day in November, in line with its schedule of monthly increases. Oil prices rose to a seven-year high on the decision. The group's cautious approach reflects the pandemic-era cuts it is still restoring.

- Date: 2021-10-04 · published 2021-10-04T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/44447-oil-at-7-year-high-after-opec-decides-on-cautious-increase-kion-central-coast
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The modest, scheduled increase leaves a tight oil market, which supports crude prices. Higher energy prices raise costs for feed manufacturing and transport.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2016-11-30 | [Brent Oil Jumps to Highest in More Than a Year After OPEC Accord - Bloomberg](https://feedsoft.ai/events/9704-brent-oil-jumps-to-highest-in-more-than-a-year-after-opec-accord-bloomberg.md) | +12.5% | +19.3% |
| WTI | 2024-12-05 | [OPEC+ members to delay oil production increases](https://feedsoft.ai/events/26872-opec-members-to-delay-oil-production-increases.md) | +2.6% | +8.3% |
| WTI | 2022-02-02 | [Caution from OPEC+ producers to keep oil prices high \| AP News](https://feedsoft.ai/events/42630-caution-from-opec-producers-to-keep-oil-prices-high-ap-news.md) | +1.3% | +25.5% |
| WTI | 2022-10-01 | [OPEC Raises Oil Production To Highest Level In Years](https://feedsoft.ai/events/39753-opec-raises-oil-production-to-highest-level-in-years.md) | +16.5% | +10.2% |
| 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 | 2016-11-30 | [Brent Oil Jumps to Highest in More Than a Year After OPEC Accord - Bloomberg](https://feedsoft.ai/events/9704-brent-oil-jumps-to-highest-in-more-than-a-year-after-opec-accord-bloomberg.md) | +16.7% | +22.1% |
| BRENT | 2024-12-05 | [OPEC+ members to delay oil production increases](https://feedsoft.ai/events/26872-opec-members-to-delay-oil-production-increases.md) | +0.6% | +4.3% |

## Sources

- kioncentralcoast.com: https://kioncentralcoast.com/news/ap-national-business/2021/10/04/with-oil-market-tight-opec-decides-how-much-more-to-pump/

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