# OPEC+ sticks to gradual oil output hikes, ups demand forecast

> OPEC and its allies agreed on Wednesday to keep their policy of gradually raising output by 400,000 bpd a month, with the October increase confirmed after September's. The group also raised its 2022 demand forecast to 4.2 million bpd despite U.S. pressure to produce faster.

- Date: 2021-09-01 · published 2021-09-01T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/44977-opec-sticks-to-gradual-oil-output-hikes-ups-demand-forecast
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Steady monthly supply additions add to the crude market, which is bearish for prices. The higher demand forecast partly offsets that by signalling a tighter balance later.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-09-01 | [Oil steadies; OPEC+ sticks to gradual output hikes \| Reuters](https://feedsoft.ai/events/44979-oil-steadies-opec-sticks-to-gradual-output-hikes-reuters.md) | +1.3% | +9.5% |
| WTI | 2021-04-01 | [OPEC+ decides to gradually curb output cuts as demand concerns persist](https://feedsoft.ai/events/47509-opec-decides-to-gradually-curb-output-cuts-as-demand-concerns-persist.md) | +0.7% | +9.8% |
| WTI | 2021-03-31 | [OPEC and allies agree to gradually boost crude oil output \| AP News](https://feedsoft.ai/events/47508-opec-and-allies-agree-to-gradually-boost-crude-oil-output-ap-news.md) | -1.3% | +5.4% |
| WTI | 2019-04-28 | [Global oil prices slip after US demands OPEC to increase output](https://feedsoft.ai/events/8098-global-oil-prices-slip-after-us-demands-opec-to-increase-output.md) | -2.1% | -7.6% |
| WTI | 2022-03-31 | [OPEC+ Sticks To Modest Oil Production Hike Despite Calls For More Supply](https://feedsoft.ai/events/42180-opec-sticks-to-modest-oil-production-hike-despite-calls-for-more-supply.md) | -10.6% | -2.2% |
| BRENT | 2021-09-01 | [Oil steadies; OPEC+ sticks to gradual output hikes \| Reuters](https://feedsoft.ai/events/44979-oil-steadies-opec-sticks-to-gradual-output-hikes-reuters.md) | -2.2% | +7.5% |
| BRENT | 2021-04-01 | [OPEC+ decides to gradually curb output cuts as demand concerns persist](https://feedsoft.ai/events/47509-opec-decides-to-gradually-curb-output-cuts-as-demand-concerns-persist.md) | -1.4% | +7.7% |
| BRENT | 2021-03-31 | [OPEC and allies agree to gradually boost crude oil output \| AP News](https://feedsoft.ai/events/47508-opec-and-allies-agree-to-gradually-boost-crude-oil-output-ap-news.md) | -1.9% | +5.4% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/opec-raises-2022-oil-demand-growth-forecast-2021-09-01/

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