# OPEC+ members focus on reducing pandemic’s crude oil surplus

> OPEC+ ministers said they would keep accelerating the clearing of the oil surplus left by the pandemic, and Saudi Arabia added an extra cut of 1 million barrels per day for February and March. The group is withholding about 7 million barrels per day, roughly 7% of global supply, and will discuss the next steps at a March ministerial meeting.

- Date: 2021-02-03 · published 2021-02-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/48836-opec-members-focus-on-reducing-pandemic-s-crude-oil-surplus
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Continued supply restraint from OPEC+ supports crude prices and raises energy costs for feed producers. The outcome of the March meeting will determine whether this tightening persists.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-12-05 | [OPEC+ members to delay oil production increases](https://feedsoft.ai/events/26872-opec-members-to-delay-oil-production-increases.md) | +2.6% | +8.3% |
| WTI | 2019-10-11 | [Oil markets: OPEC, US-China trade in focus](https://feedsoft.ai/events/56742-oil-markets-opec-us-china-trade-in-focus.md) | +0.6% | +6.4% |
| WTI | 2018-06-22 | [Crude oil prices jump in reaction to OPEC deal By Seeking Alpha](https://feedsoft.ai/events/11575-crude-oil-prices-jump-in-reaction-to-opec-deal-by-seeking-alpha.md) | +11.9% | +7.2% |
| WTI | 2021-11-04 | [OPEC+ Meeting Ends: Cartel Won't Produce Extra Crude \| OilPrice.com](https://feedsoft.ai/events/43986-opec-meeting-ends-cartel-won-t-produce-extra-crude-oilprice-com.md) | +0.5% | -17.6% |
| WTI | 2024-12-05 | [Key members of OPEC+ alliance are putting off production increases amid slack crude prices \| AP News](https://feedsoft.ai/events/26871-key-members-of-opec-alliance-are-putting-off-production-increases-amid-slack.md) | +2.6% | +8.3% |
| BRENT | 2024-12-05 | [OPEC+ members to delay oil production increases](https://feedsoft.ai/events/26872-opec-members-to-delay-oil-production-increases.md) | +0.6% | +4.3% |
| BRENT | 2019-10-11 | [Oil markets: OPEC, US-China trade in focus](https://feedsoft.ai/events/56742-oil-markets-opec-us-china-trade-in-focus.md) | +0.9% | +5.7% |
| BRENT | 2018-06-22 | [Crude oil prices jump in reaction to OPEC deal By Seeking Alpha](https://feedsoft.ai/events/11575-crude-oil-prices-jump-in-reaction-to-opec-deal-by-seeking-alpha.md) | +5.6% | -1.0% |

## Sources

- worldoil.com: https://www.worldoil.com/news/2021/2/3/opec-members-focus-on-reducing-pandemic-s-crude-oil-surplus/

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