# Major oil producers may withdraw again – Commerzbank — Octa

> Brent briefly traded just above $80 a barrel, near the level at which OPEC+ has previously cut output. Commerzbank says the OPEC+ monitoring committee meets on August 1, though sources expect no policy change. It warns that Saudi Arabia and Russia could cancel the planned unwinding of voluntary cuts if demand concerns persist.

- Date: 2024-07-26 · published 2024-07-26T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/29476-major-oil-producers-may-withdraw-again-commerzbank-octa
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Possible OPEC+ supply restraint would support crude prices and raise energy costs for feed producers. Continued demand worries would make such a reversal more likely.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-12-07 | [Oil producers join forces and cut production again \| AP News](https://feedsoft.ai/events/10626-oil-producers-join-forces-and-cut-production-again-ap-news.md) | +2.2% | -2.9% |
| BRENT | 2022-10-26 | [Under Gustavo Petro, Colombia Leads Major Producers on Ditching Oil](https://feedsoft.ai/events/39413-under-gustavo-petro-colombia-leads-major-producers-on-ditching-oil.md) | +2.4% | -4.5% |
| BRENT | 2020-09-17 | [Oil reverses losses to gain 2% as OPEC urges compliance with production cuts](https://feedsoft.ai/events/51278-oil-reverses-losses-to-gain-2-as-opec-urges-compliance-with-production-cuts.md) | -0.7% | +2.0% |
| BRENT | 2018-01-21 | [Oil producers will cooperate beyond 2018, says Saudi Arabia](https://feedsoft.ai/events/66898-oil-producers-will-cooperate-beyond-2018-says-saudi-arabia.md) | +2.5% | -5.9% |
| BRENT | 2017-09-19 | [Oil Producers Weigh More Cuts, Iraq Says - Bloomberg](https://feedsoft.ai/events/68864-oil-producers-weigh-more-cuts-iraq-says-bloomberg.md) | +6.7% | +3.9% |
| WTI | 2018-12-07 | [Oil producers join forces and cut production again \| AP News](https://feedsoft.ai/events/10626-oil-producers-join-forces-and-cut-production-again-ap-news.md) | +2.2% | -6.2% |
| WTI | 2022-10-26 | [Under Gustavo Petro, Colombia Leads Major Producers on Ditching Oil](https://feedsoft.ai/events/39413-under-gustavo-petro-colombia-leads-major-producers-on-ditching-oil.md) | +2.6% | -6.1% |
| WTI | 2020-09-17 | [Oil reverses losses to gain 2% as OPEC urges compliance with production cuts](https://feedsoft.ai/events/51278-oil-reverses-losses-to-gain-2-as-opec-urges-compliance-with-production-cuts.md) | -0.6% | +1.9% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/1109841/

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