# Opec+ 8 speeds up output hike to 548,000 b/d for August | Latest Market News

> The eight core OPEC+ members agreed to raise their collective crude production target by 548,000 b/d for August, faster than planned. The move follows a 12-day Israel-Iran conflict and continued economic uncertainty tied to US trade policy.

- Date: 2024-03-25 · published 2024-03-25T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/31112-opec-8-speeds-up-output-hike-to-548-000-b-d-for-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

Faster supply restoration adds barrels to the market and tends to pressure crude and energy-linked costs lower.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-03-25 | [Opec+ 8 agree 137,000 b/d quota hike for November \| Latest Market News](https://feedsoft.ai/events/31115-opec-8-agree-137-000-b-d-quota-hike-for-november-latest-market-news.md) | +1.9% | +2.3% |
| BRENT | 2025-06-27 | [OPEC+ set to make another accelerated oil output hike for August, sources say \| Reuters](https://feedsoft.ai/events/24125-opec-set-to-make-another-accelerated-oil-output-hike-for-august-sources-say.md) | +2.1% | +2.4% |
| BRENT | 2021-07-19 | [Arab News \| OPEC+ members agree to raise output by 400,000 barrels a day from August](https://feedsoft.ai/events/45990-arab-news-opec-members-agree-to-raise-output-by-400-000-barrels-a-day-from.md) | +0.6% | -4.4% |
| BRENT | 2025-04-03 | [OPEC+ unexpectedly speeds up oil output hikes, oil drops \| Reuters](https://feedsoft.ai/events/7293-opec-unexpectedly-speeds-up-oil-output-hikes-oil-drops-reuters.md) | -12.8% | -18.2% |
| BRENT | 2021-09-01 | [OPEC+ sticks to gradual oil output hikes, ups demand forecast](https://feedsoft.ai/events/44977-opec-sticks-to-gradual-oil-output-hikes-ups-demand-forecast.md) | -2.2% | +7.5% |
| WTI | 2024-03-25 | [Opec+ 8 agree 137,000 b/d quota hike for November \| Latest Market News](https://feedsoft.ai/events/31115-opec-8-agree-137-000-b-d-quota-hike-for-november-latest-market-news.md) | +4.1% | +3.2% |
| WTI | 2025-06-27 | [OPEC+ set to make another accelerated oil output hike for August, sources say \| Reuters](https://feedsoft.ai/events/24125-opec-set-to-make-another-accelerated-oil-output-hike-for-august-sources-say.md) | +2.6% | +1.1% |
| WTI | 2021-07-19 | [Arab News \| OPEC+ members agree to raise output by 400,000 barrels a day from August](https://feedsoft.ai/events/45990-arab-news-opec-members-agree-to-raise-output-by-400-000-barrels-a-day-from.md) | +0.6% | -4.7% |

## Sources

- argusmedia.com: https://www.argusmedia.com/en/news-and-insights/latest-market-news/2707306-opec-8-speeds-up-output-hike-to-548-000-b-d-for-august

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