# OPEC flags healthy oil market fundamentals in second half

> OPEC said on August 10, 2023 that oil market prospects look healthy for the second half of the year. It held its robust 2024 oil demand forecast and raised its global economic growth outlook. Crude prices had reached their highest since January.

- Date: 2023-08-10 · published 2023-08-10T12:00:00.000Z
- Category: report · region Global · magnitude low
- Page: https://feedsoft.ai/events/34494-opec-flags-healthy-oil-market-fundamentals-in-second-half
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A firm demand outlook from the largest producer group supports crude prices, which keeps energy and freight costs elevated for feed buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2021-08-31 | [OPEC+ sees tighter oil market until May 2022 \| Reuters](https://feedsoft.ai/events/45471-opec-sees-tighter-oil-market-until-may-2022-reuters.md) | -0.4% | +8.7% |
| BRENT | 2023-09-13 | [OPEC+ cuts to tighten oil market sharply in fourth quarter, IEA says \| Reuters](https://feedsoft.ai/events/34016-opec-cuts-to-tighten-oil-market-sharply-in-fourth-quarter-iea-says-reuters.md) | +2.6% | -3.9% |
| BRENT | 2017-12-04 | [OPEC oil output falls in November to lowest since May](https://feedsoft.ai/events/67408-opec-oil-output-falls-in-november-to-lowest-since-may.md) | -0.6% | +4.0% |
| BRENT | 2019-06-28 | [Oil rises near month highs as market awaits G20 summit and OPEC meeting](https://feedsoft.ai/events/58765-oil-rises-near-month-highs-as-market-awaits-g20-summit-and-opec-meeting.md) | -4.4% | -4.9% |
| BRENT | 2018-02-12 | [Brent Crude, West Texas Intermediate, OPEC Says Oil Demand to Rise - Markets Insider](https://feedsoft.ai/events/66662-brent-crude-west-texas-intermediate-opec-says-oil-demand-to-rise-markets-insider.md) | +2.6% | +3.9% |
| WTI | 2021-08-31 | [OPEC+ sees tighter oil market until May 2022 \| Reuters](https://feedsoft.ai/events/45471-opec-sees-tighter-oil-market-until-may-2022-reuters.md) | -1.2% | +8.9% |
| WTI | 2023-09-13 | [OPEC+ cuts to tighten oil market sharply in fourth quarter, IEA says \| Reuters](https://feedsoft.ai/events/34016-opec-cuts-to-tighten-oil-market-sharply-in-fourth-quarter-iea-says-reuters.md) | +2.6% | -3.3% |
| WTI | 2017-12-04 | [OPEC oil output falls in November to lowest since May](https://feedsoft.ai/events/67408-opec-oil-output-falls-in-november-to-lowest-since-may.md) | -1.9% | +3.5% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/opec-sees-prospect-healthy-oil-market-fundamentals-second-half-2023-08-10/

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