# Oil jumps as OPEC agrees to modest output hikes - The Globe and Mail

> OPEC and other top crude producers in Vienna agreed to raise output from July by about 1 million bpd, with Iraq estimating the real increase near 770,000 bpd. Brent settled up 3.4% at $75.55 and US crude rose 4.6% to $68.58, helped by a surprise large drawdown at Cushing.

- Date: 2018-06-22 · published 2018-06-22T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/11573-oil-jumps-as-opec-agrees-to-modest-output-hikes-the-globe-and-mail
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Output increases that fall short of expectations, combined with inventory draws, support crude prices. Higher crude feeds through to energy and transport costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-06-22 | [Oil jumps as OPEC agrees to modest output hikes - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/11572-oil-jumps-as-opec-agrees-to-modest-output-hikes-energy-news-top-headlines.md) | +11.9% | +7.2% |
| WTI | 2024-09-05 | [OPEC+ agrees to delay October oil output hike for two months \| Reuters](https://feedsoft.ai/events/28238-opec-agrees-to-delay-october-oil-output-hike-for-two-months-reuters.md) | -2.7% | +1.0% |
| WTI | 2020-12-02 | [Oil Hits 9-Month High After OPEC+ Agrees to Gradual Output Hike - Bloomberg](https://feedsoft.ai/events/49555-oil-hits-9-month-high-after-opec-agrees-to-gradual-output-hike-bloomberg.md) | +2.4% | +8.4% |
| WTI | 2025-10-01 | [Oil settles up after OPEC+ opts for modest output hike](https://feedsoft.ai/events/22769-oil-settles-up-after-opec-opts-for-modest-output-hike.md) | -1.0% | -3.5% |
| WTI | 2022-10-01 | [Oil up nearly 3% as OPEC+ agrees to small oil output cut](https://feedsoft.ai/events/39515-oil-up-nearly-3-as-opec-agrees-to-small-oil-output-cut.md) | +16.5% | +10.2% |
| BRENT | 2018-06-22 | [Oil jumps as OPEC agrees to modest output hikes - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/11572-oil-jumps-as-opec-agrees-to-modest-output-hikes-energy-news-top-headlines.md) | +5.6% | -1.0% |
| BRENT | 2024-09-05 | [OPEC+ agrees to delay October oil output hike for two months \| Reuters](https://feedsoft.ai/events/28238-opec-agrees-to-delay-october-oil-output-hike-for-two-months-reuters.md) | -4.4% | +1.0% |
| BRENT | 2020-12-02 | [Oil Hits 9-Month High After OPEC+ Agrees to Gradual Output Hike - Bloomberg](https://feedsoft.ai/events/49555-oil-hits-9-month-high-after-opec-agrees-to-gradual-output-hike-bloomberg.md) | +3.4% | +8.1% |

## Sources

- cnbc.com: https://www.cnbc.com/2018/06/22/opec-ministers-strike-deal-on-oil-production-levels.html
- dw.com: https://www.dw.com/en/opec-to-raise-production-as-saudis-break-iranian-resistance/a-44347591
- theglobeandmail.com: https://www.theglobeandmail.com/business/industry-news/energy-and-resources/article-oil-prices-rise-as-opec-meets/

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