# Oil Gains As OPEC+ Forecasts Crude Stockpiles will drop sharply – Independent Newspaper Nigeria

> Oil rose for a second month as OPEC+ forecast that global inventories would fall sharply from September through December if the group keeps its plan. The alliance is expected to approve a July production increase of about 2 million barrels a day at its meeting on Tuesday.

- Date: 2021-05-31 · published 2021-05-31T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/47265-oil-gains-as-opec-forecasts-crude-stockpiles-will-drop-sharply-independent
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

OPEC+ forecasts of falling stockpiles and strong demand support crude prices into the second half. Higher energy costs raise freight, fertilizer and processing expenses for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2017-01-30 | [OPEC convinces investors crude output cuts are real - The Gulf Time Newspaper](https://feedsoft.ai/events/73160-opec-convinces-investors-crude-output-cuts-are-real-the-gulf-time-newspaper.md) | +2.2% | +0.3% |
| BRENT | 2022-10-05 | [Oil rises to 3-week highs as OPEC+ agrees to deep cuts, U.S. stockpiles fall \| Reuters](https://feedsoft.ai/events/39283-oil-rises-to-3-week-highs-as-opec-agrees-to-deep-cuts-u-s-stockpiles-fall.md) | +2.1% | +2.3% |
| BRENT | 2020-05-29 | [Signals from OPEC+ Zooms Crude Oil Prices \| Business Post Nigeria](https://feedsoft.ai/events/53307-signals-from-opec-zooms-crude-oil-prices-business-post-nigeria.md) | +13.2% | +18.7% |
| BRENT | 2023-04-02 | [Goldman Sachs raises Brent oil price forecasts after OPEC+ output cuts](https://feedsoft.ai/events/7952-goldman-sachs-raises-brent-oil-price-forecasts-after-opec-output-cuts.md) | +7.4% | +1.0% |
| BRENT | 2026-10-04 | [OPEC+ Keeps November Oil Production Unchanged As Crude Prices Hold September Gains](https://feedsoft.ai/events/17215-opec-keeps-november-oil-production-unchanged-as-crude-prices-hold-september.md) | -0.9% | +2.2% |
| WTI | 2017-01-30 | [OPEC convinces investors crude output cuts are real - The Gulf Time Newspaper](https://feedsoft.ai/events/73160-opec-convinces-investors-crude-output-cuts-are-real-the-gulf-time-newspaper.md) | +1.2% | +1.6% |
| WTI | 2022-10-05 | [Oil rises to 3-week highs as OPEC+ agrees to deep cuts, U.S. stockpiles fall \| Reuters](https://feedsoft.ai/events/39283-oil-rises-to-3-week-highs-as-opec-agrees-to-deep-cuts-u-s-stockpiles-fall.md) | +3.3% | +1.9% |
| WTI | 2020-05-29 | [Signals from OPEC+ Zooms Crude Oil Prices \| Business Post Nigeria](https://feedsoft.ai/events/53307-signals-from-opec-zooms-crude-oil-prices-business-post-nigeria.md) | +11.1% | +14.8% |

## Sources

- independent.ng: https://independent.ng/oil-gains-as-opec-forecasts-crude-stockpiles-will-drop-sharply/

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