# Why the OPEC+ agreement to boost production in 2021 didn’t tank oil prices - MarketWatch

> OPEC+ agreed on Thursday to raise output from the start of 2021, yet oil prices held up. January WTI settled at $45.64 and February Brent at $48.71 after the group postponed its meeting earlier in the week.

- Date: 2020-12-03 · published 2020-12-03T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/49827-why-the-opec-agreement-to-boost-production-in-2021-didn-t-tank-oil-prices
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The market shrugged off a planned supply increase because it expects demand to recover with COVID-19 vaccines. Firm crude keeps biofuel feedstock costs supported.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-01-01 | [COMMENTARY: China overtakes OPEC+ as the main oil price maker](https://feedsoft.ai/events/21669-commentary-china-overtakes-opec-as-the-main-oil-price-maker.md) | +2.6% | +16.0% |
| BRENT | 2025-01-30 | [Oil Prices Hold Steady As Markets Await US Tariff Decisions, OPEC+ Meeting](https://feedsoft.ai/events/26669-oil-prices-hold-steady-as-markets-await-us-tariff-decisions-opec-meeting.md) | -2.8% | -4.9% |
| BRENT | 2017-03-15 | [Will A Fed Rate Hike Boost The Price Of Oil? \| Investing.com](https://feedsoft.ai/events/71924-will-a-fed-rate-hike-boost-the-price-of-oil-investing-com.md) | +0.6% | +10.4% |
| BRENT | 2022-06-08 | [Q&A \| Implications of the OPEC+ Announcement to Increase Oil Production - Center on Global Energy Policy at Columbia University SIPA \| CGEP](https://feedsoft.ai/events/40837-q-and-a-implications-of-the-opec-announcement-to-increase-oil-production-center.md) | +0.3% | -13.8% |
| BRENT | 2024-12-31 | [Baht, oil prices expected to face volatility in 2025: NESDC](https://feedsoft.ai/events/27244-baht-oil-prices-expected-to-face-volatility-in-2025-nesdc.md) | +4.2% | +4.6% |
| WTI | 2017-04-18 | [Why boom-bust oil prices may be here to stay](https://feedsoft.ai/events/71676-why-boom-bust-oil-prices-may-be-here-to-stay.md) | -6.9% | -7.2% |
| WTI | 2026-01-01 | [COMMENTARY: China overtakes OPEC+ as the main oil price maker](https://feedsoft.ai/events/21669-commentary-china-overtakes-opec-as-the-main-oil-price-maker.md) | +0.8% | +13.0% |
| WTI | 2017-03-15 | [Will A Fed Rate Hike Boost The Price Of Oil? \| Investing.com](https://feedsoft.ai/events/71924-will-a-fed-rate-hike-boost-the-price-of-oil-investing-com.md) | -0.6% | +12.6% |

## Sources

- marketwatch.com: https://www.marketwatch.com/story/why-the-opec-agreement-to-boost-production-in-2021-hasnt-tanked-oil-prices-11607019341

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