# OPEC stuns by opting not to raise output; was diesel a reason? - FreightWaves

> OPEC+ unexpectedly chose not to increase crude output on March 4, against analyst expectations of a 1.0-1.5 million barrel-per-day rise. The article suggests high diesel inventories may have influenced the decision to hold output steady.

- Date: 2021-03-05 · published 2021-03-05T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/48282-opec-stuns-by-opting-not-to-raise-output-was-diesel-a-reason-freightwaves
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Holding supply back keeps crude and diesel prices firmer, raising energy and freight costs for feed producers and supporting vegetable oil and biofuel economics.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-07-24 | [France's Avril Raises Biodiesel Output On Higher Oil Prices, Demand](https://feedsoft.ai/events/64125-france-s-avril-raises-biodiesel-output-on-higher-oil-prices-demand.md) | +2.4% | -2.2% |
| BRENT | 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) | +4.1% | +20.3% |
| BRENT | 2017-03-01 | [Oil rises as Opec sticks to output pledges, rising US production cap gains](https://feedsoft.ai/events/72159-oil-rises-as-opec-sticks-to-output-pledges-rising-us-production-cap-gains.md) | +1.5% | -6.3% |
| BRENT | 2021-06-01 | [Brent Touches A Three-Month High As OPEC+ Decides To Stick With Output Increases For July](https://feedsoft.ai/events/46497-brent-touches-a-three-month-high-as-opec-decides-to-stick-with-output-increases.md) | +2.4% | +7.5% |
| BRENT | 2021-10-04 | [OPEC+ agrees to stick to existing oil output plan, sources say \| Reuters](https://feedsoft.ai/events/44443-opec-agrees-to-stick-to-existing-oil-output-plan-sources-say-reuters.md) | +3.7% | +5.5% |
| WTI | 2018-07-24 | [France's Avril Raises Biodiesel Output On Higher Oil Prices, Demand](https://feedsoft.ai/events/64125-france-s-avril-raises-biodiesel-output-on-higher-oil-prices-demand.md) | +4.3% | -2.1% |
| 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% |
| WTI | 2017-03-01 | [Oil rises as Opec sticks to output pledges, rising US production cap gains](https://feedsoft.ai/events/72159-oil-rises-as-opec-sticks-to-output-pledges-rising-us-production-cap-gains.md) | -2.2% | -10.4% |

## Sources

- freightwaves.com: https://www.freightwaves.com/news/opec-stuns-by-opting-not-to-raise-output-was-diesel-a-reason

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