🛢OPEC + won't change policy - oil surges🔼

2:21 PM 4 October 2021

WTI price highest since 2014, following OPEC's recommendation to maintain the current policy.

JMMC, the technical committee operating at OPEC +, recommends maintaining the current policy of increasing production by 400k bpd every month. Earlier it was speculated that there could be a bigger increase in production due to the current energy crisis. However, nothing like that happened. At 2:00 p.m. BST a key ministerial meeting started, but after the market reaction everything seems to be settled. OPEC + was to indicate that a surplus is expected in 2022, which will lead to price stabilization.

The current plan regarding production cuts is likely to remain unchanged. Source: Commodity Context

Start investing today or test a free demo

Create account Try a demo Download mobile app Download mobile app

In response to reports from the OPEC + conference, WTI crude oil broke above the recent local highs, the level of USD 77 per barrel and the local highs from 2018. Currently the price is at the highest level since 2014! Source: xStation5

Back

Market News

30.07.2025

21:59

Meta's Earnings Phenomenon: Absolute Growth Exceeds All Expectations

Meta delivered absolutely spectacular results for Q2 2025, surpassing expectations across virtually all key metrics. The company's shares rose by nearly...

21:33

Microsoft Delivers Record Revenue Amid Robust Performance

Microsoft Corporation today announced impressive results for the fourth quarter of fiscal year 2025 (calendar Q2 2025), significantly exceeding analyst...

20:24

Daily summary: Fed keeps rates unchanged, but Powell remains hawkish

[stylesheet-group="0"]{} body{margin:0;} button::-moz-focus-inner,input::-moz-focus-inner{border:0;padding:0;} html{-ms-text-size-adjust:100%;-webkit-text-size-adjust:100%;-webkit-tap-highlight-color:rgba(0,0,0,0);} input::-webkit-search-cancel-button,input::-webkit-search-decoration,input::-webkit-search-results-button,input::-webkit-search-results-decoration{display:none;} [stylesheet-group="1"]{} .css-146c3p1{background-color:rgba(0,0,0,0.00);border:0...

More news

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.

Losses can exceed deposits

Cookie name	Description
SERVERID
userBranchSymbol	Expiration date 1 day
test_cookie	Expiration date 1 hour
adobe_unique_id	Expiration date 364 days
__hssc	Expiration date 1 hour
SESSID	Expiration date 1 day
__cf_bm	Expiration date 1 hour
intercom-id-iojaybix	Expiration date 270 days
intercom-session-iojaybix	Expiration date 6 days
xtbCookiesSettings	Expiration date 364 days
TS5b68a4e1027
countryIsoCode
xtbLanguageSettings	Expiration date 364 days
userPreviousBranchSymbol	Expiration date 364 days
intercom-device-id-iojaybix	Expiration date 270 days
__cfruid
_cfuvid

Cookie name	Description
_gid	Expiration date 1 day
_gat_UA-98728395-1	Expiration date 1 hour
_gat_UA-121192761-1	Expiration date 1 hour
_gcl_au	Expiration date 89 days
_ga_CBPL72L2EC	Expiration date 729 days
_ga	Expiration date 729 days
__hstc	Expiration date 179 days
__hssrc
_vwo_uuid_v2	Expiration date 365 days
_ga_TC79BEJ20L	Expiration date 729 days
_vwo_uuid	Expiration date 365 days
_vwo_ds	Expiration date 29 days
_vwo_sn	Expiration date 1 hour
_vis_opt_s	Expiration date 99 days
_vis_opt_test_cookie
af_id	Expiration date 394 days
afUserId	Expiration date 730 days
AF_SYNC	Expiration date 6 days
AnalyticsSyncHistory	Expiration date 29 days

Cookie name	Description
MUID	Expiration date 389 days
_omappvp	Expiration date 3998 days
_omappvs	Expiration date 1 hour
_uetsid	Expiration date 1 day
_uetvid	Expiration date 389 days
_fbp	Expiration date 89 days
fr	Expiration date 89 days
_ttp	Expiration date 89 days
_tt_enable_cookie	Expiration date 89 days
hubspotutk	Expiration date 179 days
IDE	Expiration date 389 days
YSC
VISITOR_INFO1_LIVE	Expiration date 179 days
li_sugr	Expiration date 89 days
guest_id_marketing	Expiration date 729 days
guest_id_ads	Expiration date 729 days
guest_id	Expiration date 729 days
muc_ads	Expiration date 729 days
VISITOR_PRIVACY_METADATA	Expiration date 179 days
MSPTC	Expiration date 389 days

Cookie name	Description
bcookie	Expiration date 364 days
lidc	Expiration date 1 day
UserMatchHistory	Expiration date 29 days
bscookie	Expiration date 364 days
li_gc	Expiration date 179 days
personalization_id	Expiration date 729 days