# Here’s What OPEC And Its Allies Agreed Upon On Oil Production

> OPEC+ agreed to increase oil production by 500,000 barrels per day from January 2021, lower than many expected. Brent and WTI traded near $45 as the group set its monthly review process.

- Date: 2020-12-03 · published 2020-12-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/49560-here-s-what-opec-and-its-allies-agreed-upon-on-oil-production
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A smaller supply increase than expected keeps crude tight, which supports energy costs across feed production and transport. Prices were steady at the time, so the immediate market impact is limited.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2025-02-05 | [MEED \| Opec+ decides to adhere to oil production policy](https://feedsoft.ai/events/25947-meed-opec-decides-to-adhere-to-oil-production-policy.md) | +1.2% | -6.2% |
| BRENT | 2026-06-07 | [OPEC+ to Boost Oil Output Again: What the Latest Production Hike Means for the UAE and Global Prices](https://feedsoft.ai/events/18723-opec-to-boost-oil-output-again-what-the-latest-production-hike-means-for-the.md) | -7.5% | -26.2% |
| BRENT | 2022-08-03 | [Oil Prices: OPEC+ Agrees to Raise Production Next Month at Much Slower Pace - Bloomberg](https://feedsoft.ai/events/39947-oil-prices-opec-agrees-to-raise-production-next-month-at-much-slower-pace.md) | -3.4% | -4.0% |
| BRENT | 2024-01-29 | [No changes to oil production policy expected at OPEC+ meeting](https://feedsoft.ai/events/32041-no-changes-to-oil-production-policy-expected-at-opec-meeting.md) | -6.0% | -0.7% |
| BRENT | 2018-03-09 | [OPEC+ seven agree to maintain November production levels](https://feedsoft.ai/events/65936-opec-seven-agree-to-maintain-november-production-levels.md) | +1.0% | +4.8% |
| WTI | 2025-02-05 | [MEED \| Opec+ decides to adhere to oil production policy](https://feedsoft.ai/events/25947-meed-opec-decides-to-adhere-to-oil-production-policy.md) | +0.9% | -8.8% |
| WTI | 2026-06-07 | [OPEC+ to Boost Oil Output Again: What the Latest Production Hike Means for the UAE and Global Prices](https://feedsoft.ai/events/18723-opec-to-boost-oil-output-again-what-the-latest-production-hike-means-for-the.md) | -6.1% | -25.6% |
| WTI | 2017-03-21 | [OPEC's Oil Production Agreement Having Unintended Effects, Goldman Says - Business Insider](https://feedsoft.ai/events/72160-opec-s-oil-production-agreement-having-unintended-effects-goldman-says-business.md) | -1.4% | +9.4% |

## Sources

- forbesmiddleeast.com: https://forbesmiddleeast.com/industry/energy/opec-reaches-a-consensus-to-increase-lower-than-expected-oil-output-from-january

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