# OPEC+ likely to stick to output policy at Aug 1 JMMC meeting

> OPEC+ is cutting output by a total of 5.86 million bpd, about 5.7% of global demand, under steps agreed since late 2022. Ahead of the August 1 JMMC meeting, the group was expected to stick to its existing output policy. In June it had agreed to extend cuts of 3.66 million bpd by a year.

- Date: 2024-07-30 · published 2024-07-30T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/29158-opec-likely-to-stick-to-output-policy-at-aug-1-jmmc-meeting
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Continued restraint keeps crude supply tight, which supports energy prices and the cost of fuel, freight and fertilizer inputs for feed producers. Crude-linked costs feed into biofuel and soybean oil economics.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-07-18 | [OPEC+ unlikely to change oil output policy at Aug 1 JMMC meeting, sources say \| Reuters](https://feedsoft.ai/events/29159-opec-unlikely-to-change-oil-output-policy-at-aug-1-jmmc-meeting-sources-say.md) | -3.6% | -5.2% |
| BRENT | 2024-04-02 | [OPEC+ unlikely to change output policy at panel meeting](https://feedsoft.ai/events/30643-opec-unlikely-to-change-output-policy-at-panel-meeting.md) | +4.9% | +1.9% |
| BRENT | 2024-07-25 | [What Is Likely to Happen at Next OPEC Meeting? \| Rigzone](https://feedsoft.ai/events/29161-what-is-likely-to-happen-at-next-opec-meeting-rigzone.md) | -1.6% | -6.0% |
| BRENT | 2023-02-01 | [OPEC+ committee recommends no change in oil output policy at virtual meeting](https://feedsoft.ai/events/37215-opec-committee-recommends-no-change-in-oil-output-policy-at-virtual-meeting.md) | -0.8% | -0.5% |
| BRENT | 2024-01-29 | [No changes to oil production policy expected at OPEC+ meeting](https://feedsoft.ai/events/32041-no-changes-to-oil-production-policy-expected-at-opec-meeting.md) | -6.0% | -0.7% |
| WTI | 2024-07-18 | [OPEC+ unlikely to change oil output policy at Aug 1 JMMC meeting, sources say \| Reuters](https://feedsoft.ai/events/29159-opec-unlikely-to-change-oil-output-policy-at-aug-1-jmmc-meeting-sources-say.md) | -6.4% | -6.9% |
| WTI | 2024-04-02 | [OPEC+ unlikely to change output policy at panel meeting](https://feedsoft.ai/events/30643-opec-unlikely-to-change-output-policy-at-panel-meeting.md) | +3.2% | -0.7% |
| WTI | 2024-07-25 | [What Is Likely to Happen at Next OPEC Meeting? \| Rigzone](https://feedsoft.ai/events/29161-what-is-likely-to-happen-at-next-opec-meeting-rigzone.md) | +0.6% | -7.5% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/opec-likely-stick-output-policy-aug-1-jmmc-meeting-2024-07-30/

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