◂ Event Timeline

Jun 1, 2021POLICYGlobal

OPEC+ agrees to continue planned crude output increases

OPEC and allies agreed on June 1 to maintain planned crude output increases through July, adding up to 1.2 million barrels per day. The alliance made no decision on policy from August and did not discuss returning Iranian supply.

WHY IT MATTERS

Continued increases add supply as demand recovers, which limits crude price gains. The lack of an August policy leaves uncertainty that could move energy prices.

AFFECTSBRENT▼WTI▼

SOURCE
newarab.comThe New Arab Staff, AgenciesJun 1, 2021

Price reaction & history

BRENT▼bearishSO FAR1d +0.9%5d +2.4%20d +7.5%

After 210 past bearish policy events, BRENT moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.

Aug 22, 2024OPEC⁺ faces moment of truth on planned output increase+2.5%
Nov 1, 2025Oil settles lower as OPEC plans to increase oil output-2.4%
Dec 2, 2021OPEC to proceed with plans to increase January oil output+9.7%
Jan 4, 2022OPEC+ agrees oil output increase from February | Reuters+3.3%
Mar 1, 2026OPEC+ to Resume Oil Output Increases as Iran Conflict Rages - Bloomberg+31.0%

WTI▼bearishSO FAR1d +2.2%5d +4.4%20d +10.0%

After 215 past bearish policy events, WTI moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.

Aug 22, 2024OPEC⁺ faces moment of truth on planned output increase+3.7%
Nov 1, 2025Oil settles lower as OPEC plans to increase oil output-2.0%
Dec 2, 2021OPEC to proceed with plans to increase January oil output+10.6%
Jan 4, 2022OPEC+ agrees oil output increase from February | Reuters+2.8%
Mar 1, 2026OPEC+ to Resume Oil Output Increases as Iran Conflict Rages - Bloomberg+35.6%

Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.

BRENT · GP ▸

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WTI · GP ▸

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