# Battered By Covid-19, OPEC Upbeats On Production, Supply Agreement In 2021 - InsideBusiness - Business News in Nigeria

> The OPEC Ministerial and Non-ministerial meeting reaffirmed members' commitment to the Declaration of Cooperation on a stable market in 2021. The communique recalled earlier decisions from April, June and December 2020 on adjusting downward crude production. It also described the unprecedented impact of COVID-19 on 2020 supply and demand.

- Date: 2021-01-05 · published 2021-01-05T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/49058-battered-by-covid-19-opec-upbeats-on-production-supply-agreement-in-2021
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The reaffirmed commitment signals continued production discipline, which supports the price floor for crude. The communique largely restates existing policy, so it adds limited new price pressure.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-06-02 | [OPEC+ to extend deep oil production cuts into 2025 \| CNN Business](https://feedsoft.ai/events/29654-opec-to-extend-deep-oil-production-cuts-into-2025-cnn-business.md) | -2.0% | +7.9% |
| BRENT | 2019-01-18 | [OPEC publishes oil production cuts by Vienna agreement states  ABC.AZ](https://feedsoft.ai/events/60999-opec-publishes-oil-production-cuts-by-vienna-agreement-states-abc-az.md) | +1.0% | +6.2% |
| BRENT | 2023-11-30 | [OPEC+ members agree to significant voluntary oil production cuts \| CNN Business](https://feedsoft.ai/events/33086-opec-members-agree-to-significant-voluntary-oil-production-cuts-cnn-business.md) | -10.5% | -5.2% |
| BRENT | 2021-03-04 | [Oil prices surge as OPEC and its allies extend production cuts \| CNN Business](https://feedsoft.ai/events/48045-oil-prices-surge-as-opec-and-its-allies-extend-production-cuts-cnn-business.md) | +5.2% | -1.3% |
| BRENT | 2022-10-05 | [OPEC announces big cut in oil production despite US pressure \| CNN Business](https://feedsoft.ai/events/39058-opec-announces-big-cut-in-oil-production-despite-us-pressure-cnn-business.md) | +2.1% | +2.3% |
| WTI | 2024-06-02 | [OPEC+ to extend deep oil production cuts into 2025 \| CNN Business](https://feedsoft.ai/events/29654-opec-to-extend-deep-oil-production-cuts-into-2025-cnn-business.md) | -1.9% | +8.5% |
| WTI | 2019-01-18 | [OPEC publishes oil production cuts by Vienna agreement states  ABC.AZ](https://feedsoft.ai/events/60999-opec-publishes-oil-production-cuts-by-vienna-agreement-states-abc-az.md) | +2.1% | +4.8% |
| WTI | 2023-11-30 | [OPEC+ members agree to significant voluntary oil production cuts \| CNN Business](https://feedsoft.ai/events/33086-opec-members-agree-to-significant-voluntary-oil-production-cuts-cnn-business.md) | -11.0% | -7.4% |

## Sources

- insidebusiness.ng: https://insidebusiness.ng/156633/battered-by-covid-19-opec-upbeats-on-production-supply-agreement-in-2021/

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