# OPEC+ will stick to oil production hike plan as upcoming meeting, delegates report

> OPEC+ delegates expect the August 1 monitoring session to be routine with no changes to the planned supply hike starting in Q4. The group agreed to restore about 2.2 million bpd of halted output from October. Brent had rebounded to near $85 a barrel, reducing urgency, and the committee could still postpone the hike before early-September cargo allocations.

- Date: 2024-07-18 · published 2024-07-18T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/29162-opec-will-stick-to-oil-production-hike-plan-as-upcoming-meeting-delegates-report
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A routine outcome keeps the planned 2.2 million bpd return on track, which would add supply later in 2024 and cap crude prices. Any postponement would support prices, so the decision is a key energy-cost driver.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-06-23 | [OPEC deal to raise oil production will 'rein in prices' - Algerian PM](https://feedsoft.ai/events/64448-opec-deal-to-raise-oil-production-will-rein-in-prices-algerian-pm.md) | +5.1% | -2.8% |
| BRENT | 2022-03-31 | [OPEC+ Sticks To Modest Oil Production Hike Despite Calls For More Supply](https://feedsoft.ai/events/42180-opec-sticks-to-modest-oil-production-hike-despite-calls-for-more-supply.md) | -11.9% | -6.8% |
| BRENT | 2025-04-04 | [Why OPEC+ is accelerating oil production as prices tank, tariffs hit](https://feedsoft.ai/events/25276-why-opec-is-accelerating-oil-production-as-prices-tank-tariffs-hit.md) | -9.8% | -13.9% |
| BRENT | 2024-06-03 | [U.S. crude oil falls more than 3% as OPEC+ plans phasing out production cuts](https://feedsoft.ai/events/29656-u-s-crude-oil-falls-more-than-3-as-opec-plans-phasing-out-production-cuts.md) | -2.0% | +7.9% |
| BRENT | 2021-09-01 | [OPEC+ Sticks to Agreed Schedule for Oil-Production Increases](https://feedsoft.ai/events/44983-opec-sticks-to-agreed-schedule-for-oil-production-increases.md) | -2.2% | +7.5% |
| WTI | 2018-06-23 | [OPEC deal to raise oil production will 'rein in prices' - Algerian PM](https://feedsoft.ai/events/64448-opec-deal-to-raise-oil-production-will-rein-in-prices-algerian-pm.md) | +7.6% | -1.4% |
| WTI | 2022-03-31 | [OPEC+ Sticks To Modest Oil Production Hike Despite Calls For More Supply](https://feedsoft.ai/events/42180-opec-sticks-to-modest-oil-production-hike-despite-calls-for-more-supply.md) | -10.6% | -2.2% |
| WTI | 2025-04-04 | [Why OPEC+ is accelerating oil production as prices tank, tariffs hit](https://feedsoft.ai/events/25276-why-opec-is-accelerating-oil-production-as-prices-tank-tariffs-hit.md) | -10.2% | -12.0% |

## Sources

- worldoil.com: https://worldoil.com/news/2024/7/18/opec-will-stick-to-oil-production-hike-plan-as-upcoming-meeting-delegates-report/

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