# Crude Prices Tumble as OPEC+ May Proceed With Production Hikes

> Oil prices fell on Friday as several OPEC+ delegates expected 543,000 bpd of output additions in October. Libya's eastern government declared force majeure on its oil fields, export terminals and crude facilities, providing some support.

- Date: 2024-08-30 · published 2024-08-30T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/28958-crude-prices-tumble-as-opec-may-proceed-with-production-hikes
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected OPEC+ supply growth weighs on crude, lowering energy and biofuel feedstock costs, though Libyan force majeure limits the downside.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- barchart.com: https://www.barchart.com/story/news/28296167/crude-prices-tumble-as-opec-may-proceed-with-production-hikes

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