# OPEC steadily adds back production as economy recovers | AP News

> OPEC and its allies agreed at an online meeting to keep their earlier plan to add back 400,000 bpd from October 1. The group is gradually restoring output cut during the pandemic as economies recover.

- Date: 2021-09-01 · published 2021-09-01T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/44980-opec-steadily-adds-back-production-as-economy-recovers-ap-news
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Gradual supply restoration gives the market steady new barrels, which is bearish for crude. Lower crude prices reduce diesel and fertilizer costs over time.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-06-02 | [OPEC+ alliance boosts oil production as energy prices soar \| AP News](https://feedsoft.ai/events/40836-opec-alliance-boosts-oil-production-as-energy-prices-soar-ap-news.md) | +5.8% | -7.1% |
| WTI | 2022-03-31 | [OPEC+ revises production growth plan to 432,000 barrels daily — source -  Business & Economy - TASS](https://feedsoft.ai/events/42178-opec-revises-production-growth-plan-to-432-000-barrels-daily-source-business.md) | -10.6% | -2.2% |
| WTI | 2022-07-01 | [OPEC reshapes production to 648.000 barrels daily](https://feedsoft.ai/events/40407-opec-reshapes-production-to-648-000-barrels-daily.md) | -0.9% | -6.2% |
| WTI | 2026-07-05 | [OPEC+ countries agree to increase oil production in August \| AP News](https://feedsoft.ai/events/18250-opec-countries-agree-to-increase-oil-production-in-august-ap-news.md) | +3.9% | +23.4% |
| WTI | 2021-06-01 | [OPEC to raise oil production in July, stays mum on what’s next](https://feedsoft.ai/events/46493-opec-to-raise-oil-production-in-july-stays-mum-on-what-s-next.md) | +4.4% | +10.0% |
| BRENT | 2022-06-02 | [OPEC+ alliance boosts oil production as energy prices soar \| AP News](https://feedsoft.ai/events/40836-opec-alliance-boosts-oil-production-as-energy-prices-soar-ap-news.md) | +6.0% | -0.6% |
| BRENT | 2022-03-31 | [OPEC+ revises production growth plan to 432,000 barrels daily — source -  Business & Economy - TASS](https://feedsoft.ai/events/42178-opec-revises-production-growth-plan-to-432-000-barrels-daily-source-business.md) | -11.9% | -6.8% |
| BRENT | 2022-07-01 | [OPEC reshapes production to 648.000 barrels daily](https://feedsoft.ai/events/40407-opec-reshapes-production-to-648-000-barrels-daily.md) | -7.1% | -7.6% |

## Sources

- apnews.com: https://apnews.com/article/lifestyle-health-business-coronavirus-pandemic-economy-061e7f39b1f01bdc8a10e9e4de2d3952

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