# Oil Prices Drop as OPEC+ Considers Increasing Production in October | OilPrice.com

> OPEC+ sources told Reuters the group will likely begin unwinding its 2.2 million bpd voluntary cuts in October, with eight members set to add 180,000 bpd. Libya's production fell about 700,000 bpd after eastern authorities shut oilfields amid political infighting, which largely offsets the planned increase. Brent fell about 1.4% and WTI about 2.6% on the news.

- Date: 2024-08-30 · published 2024-08-30T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/28974-oil-prices-drop-as-opec-considers-increasing-production-in-october-oilprice-com
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

A planned OPEC+ supply increase is bearish for crude, though Libyan outages partly cushion the impact on the market. Lower crude values also tend to weigh on vegetable oil and biofuel feedstock prices.

## Read by commodity

- SBO: bearish ▼
- WTI: bearish ▼
- BRENT: bearish ▼
- PALMOIL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-03-24 | [Oil prices drop 2% as Iran considers US proposal to end war \| Reuters](https://feedsoft.ai/events/8151-oil-prices-drop-2-as-iran-considers-us-proposal-to-end-war-reuters.md) | +17.0% | +4.7% |
| WTI | 2017-08-22 | [As Compliance Slips, OPEC Decides To 'Reconsider' Output Deal \| OilPrice.com](https://feedsoft.ai/events/69356-as-compliance-slips-opec-decides-to-reconsider-output-deal-oilprice-com.md) | -2.0% | +4.5% |
| WTI | 2020-03-09 | [Oil plunges in Asia as producers start price war](https://feedsoft.ai/events/4422-oil-plunges-in-asia-as-producers-start-price-war.md) | -23.0% | -31.2% |
| WTI | 2020-07-16 | [OPEC+ to ease production cuts in August \| Oil & Gas Journal](https://feedsoft.ai/events/52005-opec-to-ease-production-cuts-in-august-oil-and-gas-journal.md) | +1.7% | +3.5% |
| WTI | 2025-08-05 | [Oil prices fall as OPEC+ output hikes counter Russia disruption concerns \| Reuters](https://feedsoft.ai/events/23233-oil-prices-fall-as-opec-output-hikes-counter-russia-disruption-concerns-reuters.md) | -3.4% | -1.7% |
| BRENT | 2026-03-24 | [Oil prices drop 2% as Iran considers US proposal to end war \| Reuters](https://feedsoft.ai/events/8151-oil-prices-drop-2-as-iran-considers-us-proposal-to-end-war-reuters.md) | +15.1% | +0.4% |
| BRENT | 2026-06-01 | [OPEC Plus, in Symbolic Gesture, to Increase Oil Production](https://feedsoft.ai/events/19153-opec-plus-in-symbolic-gesture-to-increase-oil-production.md) | +2.9% | -23.1% |
| BRENT | 2017-08-22 | [As Compliance Slips, OPEC Decides To 'Reconsider' Output Deal \| OilPrice.com](https://feedsoft.ai/events/69356-as-compliance-slips-opec-decides-to-reconsider-output-deal-oilprice-com.md) | +0.2% | +7.1% |

## Sources

- oilprice.com: https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Drop-as-OPEC-Looks-to-Increase-Production-in-October.html

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