# OPEC+ alliance affirms crude oil output hike from May, banking on improved demand

> OPEC+ ministers on April 27 endorsed the previously agreed plan to lift crude output by a combined 600,000 b/d in May. Ministers will meet again on June 1 to review the decision, and the group is proceeding despite rising coronavirus cases.

- Date: 2021-04-27 · published 2021-04-27T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/47507-opec-alliance-affirms-crude-oil-output-hike-from-may-banking-on-improved-demand
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The confirmed increase adds supply to the market, which is bearish for crude oil prices. The June 1 review means further changes to supply are possible.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2021-03-31 | [OPEC and allies agree to gradually boost crude oil output \| AP News](https://feedsoft.ai/events/47508-opec-and-allies-agree-to-gradually-boost-crude-oil-output-ap-news.md) | -1.3% | +5.4% |
| WTI | 2022-01-04 | [OPEC+ agrees oil output hike from February as omicron Covid cases soar](https://feedsoft.ai/events/43061-opec-agrees-oil-output-hike-from-february-as-omicron-covid-cases-soar.md) | +2.8% | +16.0% |
| WTI | 2021-09-01 | [OPEC+ sticks to gradual oil output hikes, ups demand forecast](https://feedsoft.ai/events/44977-opec-sticks-to-gradual-oil-output-hikes-ups-demand-forecast.md) | +1.3% | +9.5% |
| WTI | 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) | -15.1% | -14.5% |
| 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 | 2021-03-31 | [OPEC and allies agree to gradually boost crude oil output \| AP News](https://feedsoft.ai/events/47508-opec-and-allies-agree-to-gradually-boost-crude-oil-output-ap-news.md) | -1.9% | +5.4% |
| BRENT | 2022-01-04 | [OPEC+ agrees oil output hike from February as omicron Covid cases soar](https://feedsoft.ai/events/43061-opec-agrees-oil-output-hike-from-february-as-omicron-covid-cases-soar.md) | +3.3% | +16.7% |

## Sources

- spglobal.com: https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/042721-opec-committee-endorses-plan-to-hike-crude-oil-production-in-may-delegates

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