# OPEC shocks oil markets with plan to keep crude output constrained

> Saudi Arabia and OPEC+ held supply at current levels, apart from modest increases for Russia and Kazakhstan, surprising markets that had expected a larger restoration. Saudi Arabia made its extra 1 million bpd voluntary cut open-ended, keeping about 7 million bpd off the market.

- Date: 2021-03-04 · published 2021-03-04T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/48041-opec-shocks-oil-markets-with-plan-to-keep-crude-output-constrained
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The surprise hold keeps crude prices firm, raising energy and transport costs and adding inflation pressure that can spill into feed input prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-09-08 | [OPEC+ sticks with plan to keep oil output quotas unchanged \| Financial Post](https://feedsoft.ai/events/17383-opec-sticks-with-plan-to-keep-oil-output-quotas-unchanged-financial-post.md) | +10.6% | +1.7% |
| WTI | 2023-04-02 | [Oil leaps 6% as OPEC+ shocks markets by cutting output target](https://feedsoft.ai/events/7946-oil-leaps-6-as-opec-shocks-markets-by-cutting-output-target.md) | +5.4% | -0.0% |
| WTI | 2024-04-03 | [OPEC+ Keeps Oil Output Steady As Crude Prices Soar](https://feedsoft.ai/events/30646-opec-keeps-oil-output-steady-as-crude-prices-soar.md) | +0.1% | -3.2% |
| WTI | 2021-11-01 | [Oil hits multi-year highs as OPEC+ sticks to output plan](https://feedsoft.ai/events/44446-oil-hits-multi-year-highs-as-opec-sticks-to-output-plan.md) | -2.7% | -16.3% |
| WTI | 2022-02-02 | [With oil markets tightening, OPEC and its allies agree to a small increase in output.](https://feedsoft.ai/events/42629-with-oil-markets-tightening-opec-and-its-allies-agree-to-a-small-increase-in.md) | +1.3% | +25.5% |
| BRENT | 2026-09-08 | [OPEC+ sticks with plan to keep oil output quotas unchanged \| Financial Post](https://feedsoft.ai/events/17383-opec-sticks-with-plan-to-keep-oil-output-quotas-unchanged-financial-post.md) | +12.9% | +11.9% |
| BRENT | 2023-04-02 | [Oil leaps 6% as OPEC+ shocks markets by cutting output target](https://feedsoft.ai/events/7946-oil-leaps-6-as-opec-shocks-markets-by-cutting-output-target.md) | +7.4% | +1.0% |
| BRENT | 2024-04-03 | [OPEC+ Keeps Oil Output Steady As Crude Prices Soar](https://feedsoft.ai/events/30646-opec-keeps-oil-output-steady-as-crude-prices-soar.md) | +2.8% | -0.3% |

## Sources

- worldoil.com: https://worldoil.com/news/2021/3/4/opec-shocks-oil-markets-with-plan-to-keep-crude-output-constrained/

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