# Opec+ 7 agree another output target hike in August | Latest Market News

> The OPEC+ core group agreed to raise its crude production target by 188,000 b/d in August, the fifth increase since the US-Iran war began. Output is being restored after Hormuz disruptions, with a further meeting scheduled for August 2.

- Date: 2024-03-25 · published 2024-03-25T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/31111-opec-7-agree-another-output-target-hike-in-august-latest-market-news
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Rising OPEC+ output adds crude supply and is likely to pressure oil prices lower, reducing energy and freight costs over time.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2025-08-03 | [OPEC+ makes another large oil output hike in market share push](https://feedsoft.ai/events/23228-opec-makes-another-large-oil-output-hike-in-market-share-push.md) | -4.6% | -3.0% |
| BRENT | 2020-07-15 | [OPEC agrees to ease oil output cut to 7.7 mbpd in Aug.](https://feedsoft.ai/events/52009-opec-agrees-to-ease-oil-output-cut-to-7-7-mbpd-in-aug.md) | +3.2% | +2.7% |
| BRENT | 2023-08-23 | [Latest Oil Prices, Market News and Analysis for August 23 - Bloomberg](https://feedsoft.ai/events/34758-latest-oil-prices-market-news-and-analysis-for-august-23-bloomberg.md) | +1.9% | +12.9% |
| BRENT | 2020-06-30 | [OPEC and Russia likely to ease output cuts in August – Reuters — Octa](https://feedsoft.ai/events/52792-opec-and-russia-likely-to-ease-output-cuts-in-august-reuters-octa.md) | +3.0% | +4.2% |
| BRENT | 2020-07-15 | [Opec+ to ease historic output curbs from August \| The National](https://feedsoft.ai/events/52004-opec-to-ease-historic-output-curbs-from-august-the-national.md) | +3.2% | +2.7% |
| WTI | 2025-08-03 | [OPEC+ makes another large oil output hike in market share push](https://feedsoft.ai/events/23228-opec-makes-another-large-oil-output-hike-in-market-share-push.md) | -5.1% | -5.6% |
| WTI | 2020-07-15 | [OPEC agrees to ease oil output cut to 7.7 mbpd in Aug.](https://feedsoft.ai/events/52009-opec-agrees-to-ease-oil-output-cut-to-7-7-mbpd-in-aug.md) | +3.8% | +3.1% |
| WTI | 2023-08-23 | [Latest Oil Prices, Market News and Analysis for August 23 - Bloomberg](https://feedsoft.ai/events/34758-latest-oil-prices-market-news-and-analysis-for-august-23-bloomberg.md) | +1.1% | +11.6% |

## Sources

- argusmedia.com: https://www.argusmedia.com/en/news-and-insights/latest-market-news/2848073-opec-7-agree-another-output-target-hike-in-august

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