# Crude price slide sets challenging backdrop for key OPEC+ committee meeting | S&P Global

> Dated Brent slipped below $80/b for the first time in about seven months, assessed at $79.14/b on July 30. Prices fell on concerns about China's economy and rising non-OPEC+ output ahead of the August 1 committee meeting. OPEC+ members are weighing whether to defend prices or market share, and an October rollback of voluntary cuts is in focus.

- Date: 2024-07-31 · published 2024-07-31T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/29160-crude-price-slide-sets-challenging-backdrop-for-key-opec-committee-meeting-s
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Weaker crude lowers energy and diesel costs but signals softer demand and more supply, which can weigh on biofuel-linked feedstock values. A possible OPEC+ pause or rollback change would shift the price outlook.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-03-01 | [Crude Oil Prices Fall On Trump's OPEC Tweet But U.S. Shale Boom Continues](https://feedsoft.ai/events/60777-crude-oil-prices-fall-on-trump-s-opec-tweet-but-u-s-shale-boom-continues.md) | +0.0% | +2.2% |
| BRENT | 2025-01-27 | [Key OPEC ministers meet in Riyadh as Trump demands output boost \| S&P Global](https://feedsoft.ai/events/26423-key-opec-ministers-meet-in-riyadh-as-trump-demands-output-boost-s-and-p-global.md) | -2.1% | -5.0% |
| BRENT | 2021-02-24 | [OPEC+ Considers Production Increase At March Meeting \| OilPrice.com](https://feedsoft.ai/events/48553-opec-considers-production-increase-at-march-meeting-oilprice-com.md) | -3.6% | -7.5% |
| BRENT | 2022-03-31 | [OIL FUTURES: US SPR release, OPEC+ output hike send crude sharply lower \| S&P Global](https://feedsoft.ai/events/11048-oil-futures-us-spr-release-opec-output-hike-send-crude-sharply-lower-s-and-p.md) | -11.9% | -6.8% |
| BRENT | 2025-01-28 | [Saudi, other OPEC+ ministers meet after Trump calls for lower oil price](https://feedsoft.ai/events/26421-saudi-other-opec-ministers-meet-after-trump-calls-for-lower-oil-price.md) | -1.3% | -3.1% |
| WTI | 2019-03-01 | [Crude Oil Prices Fall On Trump's OPEC Tweet But U.S. Shale Boom Continues](https://feedsoft.ai/events/60777-crude-oil-prices-fall-on-trump-s-opec-tweet-but-u-s-shale-boom-continues.md) | -1.0% | +3.6% |
| WTI | 2025-01-27 | [Key OPEC ministers meet in Riyadh as Trump demands output boost \| S&P Global](https://feedsoft.ai/events/26423-key-opec-ministers-meet-in-riyadh-as-trump-demands-output-boost-s-and-p-global.md) | -2.8% | -5.2% |
| WTI | 2021-02-24 | [OPEC+ Considers Production Increase At March Meeting \| OilPrice.com](https://feedsoft.ai/events/48553-opec-considers-production-increase-at-march-meeting-oilprice-com.md) | -3.2% | -6.3% |

## Sources

- spglobal.com: https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/073124-opec-likely-to-maintain-current-policy-despite-crude-price-dip-threatening-plan-to-ease-cuts-in-q4

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