# Oil Climbs With Russia in Talks on Delaying OPEC+ Output Hike - Bloomberg

> Oil rose its most in more than three weeks as Russian producers discussed with Energy Minister Novak delaying a planned OPEC+ output increase by three months. U.S. benchmark futures gained 2.9% after briefly hitting a five-month low.

- Date: 2020-11-01 · published 2020-11-01T12:00:00.000Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/50319-oil-climbs-with-russia-in-talks-on-delaying-opec-output-hike-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A possible delay to OPEC+ supply increases tightens expectations for crude and supports energy-linked costs, including diesel and biofuel feedstock values.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-02-10 | [OPEC+ Won’t Increase Oil Production Despite Russia Output Cut, Delegates Say - Bloomberg](https://feedsoft.ai/events/37221-opec-won-t-increase-oil-production-despite-russia-output-cut-delegates-say.md) | +0.5% | -1.9% |
| WTI | 2024-11-03 | [Oil Rises as OPEC+ Delays Output Hike, Election Roils Trading](https://feedsoft.ai/events/27307-oil-rises-as-opec-delays-output-hike-election-roils-trading.md) | +1.3% | -2.1% |
| WTI | 2020-11-29 | [OPEC+ Heads to Crucial Talks Seeking Compromise on Oil Cuts - Bloomberg](https://feedsoft.ai/events/50058-opec-heads-to-crucial-talks-seeking-compromise-on-oil-cuts-bloomberg.md) | +1.5% | +4.3% |
| WTI | 2024-11-03 | [OPEC+ agrees to delay December output hike for one month \| Reuters](https://feedsoft.ai/events/27301-opec-agrees-to-delay-december-output-hike-for-one-month-reuters.md) | +1.3% | -2.1% |
| WTI | 2022-03-07 | [Oil prices hit 14-year highs on Russia oil ban talks, Iran deal delay \| Reuters](https://feedsoft.ai/events/42431-oil-prices-hit-14-year-highs-on-russia-oil-ban-talks-iran-deal-delay-reuters.md) | -5.5% | -14.2% |
| BRENT | 2023-02-10 | [OPEC+ Won’t Increase Oil Production Despite Russia Output Cut, Delegates Say - Bloomberg](https://feedsoft.ai/events/37221-opec-won-t-increase-oil-production-despite-russia-output-cut-delegates-say.md) | +0.6% | -3.2% |
| BRENT | 2024-11-03 | [Oil Rises as OPEC+ Delays Output Hike, Election Roils Trading](https://feedsoft.ai/events/27307-oil-rises-as-opec-delays-output-hike-election-roils-trading.md) | +0.8% | +0.2% |
| BRENT | 2020-11-29 | [OPEC+ Heads to Crucial Talks Seeking Compromise on Oil Cuts - Bloomberg](https://feedsoft.ai/events/50058-opec-heads-to-crucial-talks-seeking-compromise-on-oil-cuts-bloomberg.md) | +3.5% | +7.0% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2020-11-01/oil-drops-below-35-on-more-pandemic-lockdowns-libyan-supply

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