# OPEC+ maintains oil policy amid price rally

> OPEC+ kept its oil output policy unchanged at a monitoring committee meeting as Brent hit $58.51 a barrel, its highest since late February 2020. The group described 2021 as a potential year of recovery, and Saudi Arabia's voluntary cut of 1 million barrels per day continued for February and March.

- Date: 2021-02-03 · published 2021-02-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/48551-opec-maintains-oil-policy-amid-price-rally
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Holding supply steady while inventories draw down supports crude prices. The price rally reflects the effect of the deep production cuts on the market balance.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-10-04 | [Opec+ sticks to current output policy after oil price rally \| The National](https://feedsoft.ai/events/33522-opec-sticks-to-current-output-policy-after-oil-price-rally-the-national.md) | -3.8% | -6.0% |
| BRENT | 2022-04-22 | [OPEC tells IMF that oil price rally mainly due to geopolitics, ETEnergyworld](https://feedsoft.ai/events/42026-opec-tells-imf-that-oil-price-rally-mainly-due-to-geopolitics-etenergyworld.md) | -1.0% | +4.5% |
| BRENT | 2021-10-05 | [OPEC+ maintains its production policy for November – EnergyScan](https://feedsoft.ai/events/44448-opec-maintains-its-production-policy-for-november-energyscan.md) | +2.9% | +4.0% |
| BRENT | 2022-12-04 | [OPEC+ agrees to maintain oil production targets](https://feedsoft.ai/events/38140-opec-agrees-to-maintain-oil-production-targets.md) | -11.4% | -5.6% |
| BRENT | 2022-11-30 | [Crude Oil Prices Rise On Concerns OPEC+ Could Keep Oil Output Policy Unchanged](https://feedsoft.ai/events/38850-crude-oil-prices-rise-on-concerns-opec-could-keep-oil-output-policy-unchanged.md) | -4.2% | -0.8% |
| WTI | 2023-10-04 | [Opec+ sticks to current output policy after oil price rally \| The National](https://feedsoft.ai/events/33522-opec-sticks-to-current-output-policy-after-oil-price-rally-the-national.md) | -3.7% | -8.8% |
| WTI | 2022-04-22 | [OPEC tells IMF that oil price rally mainly due to geopolitics, ETEnergyworld](https://feedsoft.ai/events/42026-opec-tells-imf-that-oil-price-rally-mainly-due-to-geopolitics-etenergyworld.md) | +1.5% | +8.0% |
| WTI | 2022-12-04 | [OPEC+ agrees to maintain oil production targets](https://feedsoft.ai/events/38140-opec-agrees-to-maintain-oil-production-targets.md) | -11.1% | -3.8% |

## Sources

- cnbc.com: https://www.cnbc.com/2021/02/03/opec-maintains-oil-policy-amid-price-rally.html

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