# OPEC+ may extend oil supply cuts amid warning of glut, sources say | Financial Post

> OPEC+ may discuss extending its supply cuts beyond April 2022, according to two sources, after a technical panel warned of significant uncertainties and a possible glut next year. The panel expects an overhang of crude by the end of 2022, and cuts of 5.8 million barrels per day remain in place for July.

- Date: 2021-06-30 · published 2021-06-30T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/46498-opec-may-extend-oil-supply-cuts-amid-warning-of-glut-sources-say-financial-post
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A possible extension of cuts would keep crude supply tight, supporting prices, while the panel's glut warning points to downside later. Buyers should watch the outcome of the next OPEC+ meeting for energy cost direction.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2023-11-30 | [Oil prices fall amid skepticism on OPEC+ supply cuts - Markets - Business Recorder](https://feedsoft.ai/events/33371-oil-prices-fall-amid-skepticism-on-opec-supply-cuts-markets-business-recorder.md) | -10.5% | -5.2% |
| BRENT | 2021-06-22 | [OPEC+ discusses further easing of oil cuts from August -sources \| Reuters](https://feedsoft.ai/events/46494-opec-discusses-further-easing-of-oil-cuts-from-august-sources-reuters.md) | +0.0% | -7.7% |
| BRENT | 2020-06-30 | [OPEC, Russia seen easing oil production cuts from August - sources](https://feedsoft.ai/events/52515-opec-russia-seen-easing-oil-production-cuts-from-august-sources.md) | +3.0% | +4.2% |
| BRENT | 2025-04-01 | [OPEC+ likely to proceed with planned May oil output hike, sources say](https://feedsoft.ai/events/25487-opec-likely-to-proceed-with-planned-may-oil-output-hike-sources-say.md) | -14.2% | -15.6% |
| WTI | 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% | -4.7% |
| WTI | 2023-11-30 | [Oil prices fall amid skepticism on OPEC+ supply cuts - Markets - Business Recorder](https://feedsoft.ai/events/33371-oil-prices-fall-amid-skepticism-on-opec-supply-cuts-markets-business-recorder.md) | -11.0% | -7.4% |
| WTI | 2021-06-22 | [OPEC+ discusses further easing of oil cuts from August -sources \| Reuters](https://feedsoft.ai/events/46494-opec-discusses-further-easing-of-oil-cuts-from-august-sources-reuters.md) | -0.9% | -8.5% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/opec-may-extend-oil-supply-cuts-amid-warning-of-glut-sources-say

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