◂ Event Timeline

Jan 3, 2021POLICYGlobal

OPEC ready to adjust oil output increases: Barkindo - Markets

OPEC Secretary General Mohammad Barkindo said OPEC and its allies stand ready to adjust their planned gradual output increase of 2 million barrels per day in the coming months, depending on market conditions. He projected 2021 global oil demand of 95.9 million bpd, up 5.9 million from 2020.

OPEC+ was set to meet on January 4 to decide February output.

WHY IT MATTERS

Readiness to pause or adjust supply increases signals that the producer group will manage supply to support prices. Demand growth still falls short of pre-pandemic levels, which limits how much upside the market can expect.

AFFECTSCrude Oil (Brent)◆Crude Oil (WTI)◆

SOURCE
brecorder.comReutersJan 3, 2021

Price reaction & history

Crude Oil (Brent)◆neutralSO FAR1d -1.5%5d +8.2%20d +7.9%

After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.

Aug 3, 2022OPEC+ approves tiny oil output rise in rebuff to Biden - Markets - Business Recorder-3.4%
Nov 30, 2023OPEC+ agrees to voluntary oil output cuts - Business & Finance - Business Recorder-10.5%
Dec 2, 2021Oil prices: OPEC and Russia stick with plans to increase oil output in January | CNN Business+9.7%
Oct 28, 2026Opec+ agrees in principle to keep oil output targets steady in December, sources say - The Business Times-4.7%
Apr 5, 2026OPEC+ to increase oil production by 206,000 bpd in May - Business & Economy - TASS-9.7%

Crude Oil (WTI)◆neutralSO FAR1d -1.8%5d +7.8%20d +10.6%

After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% over 20.

Aug 3, 2022OPEC+ approves tiny oil output rise in rebuff to Biden - Markets - Business Recorder-4.1%
Nov 30, 2023OPEC+ agrees to voluntary oil output cuts - Business & Finance - Business Recorder-11.0%
Dec 2, 2021Oil prices: OPEC and Russia stick with plans to increase oil output in January | CNN Business+10.6%
Oct 28, 2026Opec+ agrees in principle to keep oil output targets steady in December, sources say - The Business Times-2.1%
Apr 5, 2026OPEC+ to increase oil production by 206,000 bpd in May - Business & Economy - TASS-13.2%

Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.

Crude Oil (Brent) BRENT · GP ▸

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Crude Oil (WTI) WTI · GP ▸

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