# Oil prices could skyrocket if OPEC+ fails in pledge to deliver more supply

> OPEC+ was expected to add 500,000 to 1 million barrels per day from August at its July 1 meeting, though some talk of no increase. Analysts warned that an internal OPEC report points to a possible glut after production cuts are fully reversed by April 2022.

- Date: 2021-06-30 · published 2021-06-30T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/46780-oil-prices-could-skyrocket-if-opec-fails-in-pledge-to-deliver-more-supply
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The OPEC+ decision on output sets the direction of crude prices, which feed into diesel, freight and biofuel margins that affect feed ingredient costs.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-08-11 | [Opec mulls further output cuts to support oil prices](https://feedsoft.ai/events/57508-opec-mulls-further-output-cuts-to-support-oil-prices.md) | +0.7% | +3.7% |
| WTI | 2022-01-04 | [OPEC+ Agrees to Revive More Oil Supplies as Market Looks Tighter](https://feedsoft.ai/events/43060-opec-agrees-to-revive-more-oil-supplies-as-market-looks-tighter.md) | +2.8% | +16.0% |
| WTI | 2021-08-27 | [OPEC+ faces mixed market signals after US pressure to increase oil supplies \| S&P Global](https://feedsoft.ai/events/45474-opec-faces-mixed-market-signals-after-us-pressure-to-increase-oil-supplies-s.md) | +3.9% | +9.9% |
| WTI | 2019-05-01 | [Oil prices mixed as talk of extending OPEC cuts faces rising U.S. supply](https://feedsoft.ai/events/59238-oil-prices-mixed-as-talk-of-extending-opec-cuts-faces-rising-u-s-supply.md) | -3.8% | -7.6% |
| WTI | 2024-07-19 | [OPEC+ not expected to change supply levels after market and price stabilisation - Offshore Technology](https://feedsoft.ai/events/29163-opec-not-expected-to-change-supply-levels-after-market-and-price-stabilisation.md) | -5.6% | -5.4% |
| BRENT | 2019-08-11 | [Opec mulls further output cuts to support oil prices](https://feedsoft.ai/events/57508-opec-mulls-further-output-cuts-to-support-oil-prices.md) | +1.5% | +6.0% |
| BRENT | 2022-01-04 | [OPEC+ Agrees to Revive More Oil Supplies as Market Looks Tighter](https://feedsoft.ai/events/43060-opec-agrees-to-revive-more-oil-supplies-as-market-looks-tighter.md) | +3.3% | +16.7% |
| BRENT | 2021-08-27 | [OPEC+ faces mixed market signals after US pressure to increase oil supplies \| S&P Global](https://feedsoft.ai/events/45474-opec-faces-mixed-market-signals-after-us-pressure-to-increase-oil-supplies-s.md) | +3.6% | +8.6% |

## Sources

- cnbc.com: https://www.cnbc.com/2021/06/30/oil-prices-could-skyrocket-if-opec-fails-in-pledge-to-deliver-more-supply.html

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