# Arab News | OPEC may cut demand forecast; US and China release oil from strategic reserves: Market wrap

> OPEC was expected to cut its 2022 oil demand growth forecast amid the delta variant's spread. About 1.4 million bpd of US Gulf offshore output remained halted after Hurricane Ida, and China planned its first public auction of state crude reserves while the US approved a loan of strategic reserve oil to ExxonMobil.

- Date: 2021-09-10 · published 2021-09-10T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/45237-arab-news-opec-may-cut-demand-forecast-us-and-china-release-oil-from-strategic
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Reserve releases and a possible demand downgrade offset Gulf supply losses, leaving crude direction mixed for energy-linked feed and biofuel costs.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-09-29 | [Arab News \| Middle East OPEC producers fret oil price rally may burn out](https://feedsoft.ai/events/69122-arab-news-middle-east-opec-producers-fret-oil-price-rally-may-burn-out.md) | -1.6% | +1.7% |
| WTI | 2025-03-19 | [US Fed meeting: ⁠How will FOMC meeting impact gold and crude oil prices? \| Stock Market News](https://feedsoft.ai/events/25475-us-fed-meeting-how-will-fomc-meeting-impact-gold-and-crude-oil-prices-stock.md) | +3.0% | -8.5% |
| WTI | 2020-09-30 | [Arab News \| Oil prices ‘likely to remain static despite output cuts’](https://feedsoft.ai/events/51279-arab-news-oil-prices-likely-to-remain-static-despite-output-cuts.md) | +3.7% | +0.8% |
| WTI | 2022-05-17 | [US Dollar Index: Three reasons why DXY is unlikely to peak yet – BofA: Analytics and Market news from 17 May 2022 08:03](https://feedsoft.ai/events/41622-us-dollar-index-three-reasons-why-dxy-is-unlikely-to-peak-yet-bofa-analytics.md) | -3.3% | +4.2% |
| WTI | 2020-10-19 | [Oil steady near $41 before OPEC+ meets to assess state of market - Moneyweb](https://feedsoft.ai/events/50801-oil-steady-near-41-before-opec-meets-to-assess-state-of-market-moneyweb.md) | -2.4% | -1.9% |
| BRENT | 2017-09-29 | [Arab News \| Middle East OPEC producers fret oil price rally may burn out](https://feedsoft.ai/events/69122-arab-news-middle-east-opec-producers-fret-oil-price-rally-may-burn-out.md) | -1.8% | +1.6% |
| BRENT | 2020-09-30 | [Arab News \| Oil prices ‘likely to remain static despite output cuts’](https://feedsoft.ai/events/51279-arab-news-oil-prices-likely-to-remain-static-despite-output-cuts.md) | +3.1% | -0.6% |
| BRENT | 2025-05-26 | [Oil holds steady; market awaits clarity on OPEC+ next move](https://feedsoft.ai/events/24837-oil-holds-steady-market-awaits-clarity-on-opec-next-move.md) | +0.8% | +12.0% |

## Sources

- arabnews.com: https://www.arabnews.com/business/opec-may-cut-demand-forecast-us-and-china-release-oil-from-strategic-reserves-market-wrap-1926466

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