# OPEC and allies agree to gradually boost crude oil output | AP News

> The OPEC and allied countries agreed to gradually add back about 2 million barrels per day of production from May to July. The group is restoring output that was cut last year when demand fell during the pandemic.

- Date: 2021-03-31 · published 2021-03-31T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/47508-opec-and-allies-agree-to-gradually-boost-crude-oil-output-ap-news
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Returning supply to the market is bearish for crude prices, which influence energy and freight costs for feed buyers. The gradual pace limits the immediate price impact.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2022-01-04 | [OPEC, allies keep gradually pumping more oil amid omicron \| AP News](https://feedsoft.ai/events/43059-opec-allies-keep-gradually-pumping-more-oil-amid-omicron-ap-news.md) | +2.8% | +16.0% |
| WTI | 2018-05-25 | [Oil dives as OPEC signals plan to boost supplies \| AP News](https://feedsoft.ai/events/64938-oil-dives-as-opec-signals-plan-to-boost-supplies-ap-news.md) | -7.0% | -2.7% |
| WTI | 2021-04-01 | [OPEC+ decides to gradually curb output cuts as demand concerns persist](https://feedsoft.ai/events/47509-opec-decides-to-gradually-curb-output-cuts-as-demand-concerns-persist.md) | +0.7% | +9.8% |
| WTI | 2026-07-06 | [OPEC+ to boost crude output, but can it deliver and who will buy? \| Reuters](https://feedsoft.ai/events/18251-opec-to-boost-crude-output-but-can-it-deliver-and-who-will-buy-reuters.md) | +3.9% | +23.4% |
| 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 | 2022-01-04 | [OPEC, allies keep gradually pumping more oil amid omicron \| AP News](https://feedsoft.ai/events/43059-opec-allies-keep-gradually-pumping-more-oil-amid-omicron-ap-news.md) | +3.3% | +16.7% |
| BRENT | 2018-05-25 | [Oil dives as OPEC signals plan to boost supplies \| AP News](https://feedsoft.ai/events/64938-oil-dives-as-opec-signals-plan-to-boost-supplies-ap-news.md) | -3.5% | -5.4% |

## Sources

- apnews.com: https://apnews.com/article/business-coronavirus-pandemic-covid-19-pandemic-prices-economy-3f9a34d091dfb93222a86c1135b0d933
- alvareviewcourier.com: https://www.alvareviewcourier.com/story/2021/03/31/interesting/opec-and-allies-agree-to-gradually-boost-crude-oil-output/70857.html
- freightwaves.com: https://www.freightwaves.com/news/opec-surprises-with-more-oil-output-market-surprises-with-higher-prices

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