# OPEC+ sticks to plan to ease supply cuts through July

> OPEC+ confirmed it will keep its plan to return 2.1 million barrels per day of supply to the market during May through July. The group expects demand to rise despite high coronavirus case counts in India.

- Date: 2021-06-01 · published 2021-06-01T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/46492-opec-sticks-to-plan-to-ease-supply-cuts-through-july
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Added OPEC+ supply weighs on crude benchmarks and eventually on diesel and biofuel feedstock costs. Buyers should expect steady rather than tightening crude supply through July.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2021-04-27 | [OPEC+ sticks to plan to ease oil output cuts from May 1 \| Reuters](https://feedsoft.ai/events/47504-opec-sticks-to-plan-to-ease-oil-output-cuts-from-may-1-reuters.md) | +3.2% | +4.5% |
| BRENT | 2021-06-01 | [Oil better? OPEC+ confirms plan to hike crude output through July \| OPEC News \| Al Jazeera](https://feedsoft.ai/events/46495-oil-better-opec-confirms-plan-to-hike-crude-output-through-july-opec-news-al.md) | +2.4% | +7.5% |
| BRENT | 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) | -11.9% | -6.8% |
| BRENT | 2021-07-18 | [OPEC, allies agree to boost supply, gradually end oil production cuts](https://feedsoft.ai/events/45987-opec-allies-agree-to-boost-supply-gradually-end-oil-production-cuts.md) | +0.6% | -4.4% |
| BRENT | 2018-05-25 | [Oil dives as OPEC signals plan to boost supplies \| AP News](https://feedsoft.ai/events/64938-oil-dives-as-opec-signals-plan-to-boost-supplies-ap-news.md) | -3.5% | -5.4% |
| WTI | 2021-04-27 | [OPEC+ sticks to plan to ease oil output cuts from May 1 \| Reuters](https://feedsoft.ai/events/47504-opec-sticks-to-plan-to-ease-oil-output-cuts-from-may-1-reuters.md) | +4.0% | +6.6% |
| WTI | 2021-06-01 | [Oil better? OPEC+ confirms plan to hike crude output through July \| OPEC News \| Al Jazeera](https://feedsoft.ai/events/46495-oil-better-opec-confirms-plan-to-hike-crude-output-through-july-opec-news-al.md) | +4.4% | +10.0% |
| 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% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/opec-seen-sticking-with-supply-plan-irans-oil-yet-return-2021-06-01/

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