# OPEC+ weighs output policy amid oil price slide, Omicron fears

> Oil prices fell to near $70 a barrel on December 1, 2021, down from three-year highs above $86 in October. November posted the largest monthly decline since the pandemic began. OPEC+ was weighing its output policy as the new variant raised glut fears.

- Date: 2021-12-01 · published 2021-12-01T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/6303-opec-weighs-output-policy-amid-oil-price-slide-omicron-fears
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

OPEC+ decisions on output directly determine whether the market tightens or glut fears deepen. A supply increase would keep crude pressured and lower energy costs for feed buyers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-01-04 | [OPEC+ agrees oil output hike from February as omicron Covid cases soar](https://feedsoft.ai/events/43061-opec-agrees-oil-output-hike-from-february-as-omicron-covid-cases-soar.md) | +2.8% | +16.0% |
| WTI | 2020-12-01 | [Oil slides as OPEC+ delays decision on output cuts](https://feedsoft.ai/events/49561-oil-slides-as-opec-delays-decision-on-output-cuts.md) | +1.1% | +5.9% |
| WTI | 2019-04-28 | [Global oil prices slip after US demands OPEC to increase output](https://feedsoft.ai/events/8098-global-oil-prices-slip-after-us-demands-opec-to-increase-output.md) | -2.1% | -7.6% |
| WTI | 2025-10-05 | [OPEC+ opts for modest oil output hike as glut fears mount \| Reuters](https://feedsoft.ai/events/22302-opec-opts-for-modest-oil-output-hike-as-glut-fears-mount-reuters.md) | -3.1% | +0.2% |
| WTI | 2021-07-19 | [U.S. oil drops 8% to below $70 amid OPEC production boost and Covid fears](https://feedsoft.ai/events/6358-u-s-oil-drops-8-to-below-70-amid-opec-production-boost-and-covid-fears.md) | +0.6% | -4.7% |
| BRENT | 2022-01-04 | [OPEC+ agrees oil output hike from February as omicron Covid cases soar](https://feedsoft.ai/events/43061-opec-agrees-oil-output-hike-from-february-as-omicron-covid-cases-soar.md) | +3.3% | +16.7% |
| BRENT | 2020-12-01 | [Oil slides as OPEC+ delays decision on output cuts](https://feedsoft.ai/events/49561-oil-slides-as-opec-delays-decision-on-output-cuts.md) | +3.2% | +7.5% |
| BRENT | 2019-04-28 | [Global oil prices slip after US demands OPEC to increase output](https://feedsoft.ai/events/8098-global-oil-prices-slip-after-us-demands-opec-to-increase-output.md) | -0.3% | -4.5% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/opec-begins-two-days-talks-amid-oil-rout-2021-12-01/

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