# Oil Prices: OPEC+ Agrees to Raise Production Next Month at Much Slower Pace - Bloomberg

> OPEC+ agreed to raise its September 2022 oil output target by only 100,000 barrels per day, one of the smallest increases in its history. The increase is far below the roughly 650,000 bpd added in each of July and August. Brent was little changed near $100 a barrel after the announcement.

- Date: 2022-08-03 · published 2022-08-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/39947-oil-prices-opec-agrees-to-raise-production-next-month-at-much-slower-pace
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The token increase, with only Saudi Arabia and the UAE able to add meaningful volumes, leaves the market tight and does little to ease crude costs. Diesel and fertilizer costs that feed into feed production stay elevated.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-06-30 | [OPEC+ Ratifies August Oil Production Increase, Leaving Next Move Unresolved - Bloomberg](https://feedsoft.ai/events/40835-opec-ratifies-august-oil-production-increase-leaving-next-move-unresolved.md) | -11.8% | -8.8% |
| BRENT | 2022-08-03 | [OPEC agrees to produce slightly more oil as recession fears loom \| CNN Business](https://feedsoft.ai/events/39949-opec-agrees-to-produce-slightly-more-oil-as-recession-fears-loom-cnn-business.md) | -3.4% | -4.0% |
| BRENT | 2018-03-09 | [OPEC+ seven agree to maintain November production levels](https://feedsoft.ai/events/65936-opec-seven-agree-to-maintain-november-production-levels.md) | +1.0% | +4.8% |
| BRENT | 2023-11-30 | [OPEC+ Production Cuts Fail to Convince Oil Traders Amid Lack of Detail - Bloomberg](https://feedsoft.ai/events/33085-opec-production-cuts-fail-to-convince-oil-traders-amid-lack-of-detail-bloomberg.md) | -10.5% | -5.2% |
| BRENT | 2017-02-13 | [How to Raise Oil Prices Without Really Cutting - Bloomberg](https://feedsoft.ai/events/72409-how-to-raise-oil-prices-without-really-cutting-bloomberg.md) | -1.4% | -8.8% |
| WTI | 2022-06-30 | [OPEC+ Ratifies August Oil Production Increase, Leaving Next Move Unresolved - Bloomberg](https://feedsoft.ai/events/40835-opec-ratifies-august-oil-production-increase-leaving-next-move-unresolved.md) | -6.3% | -11.5% |
| WTI | 2022-08-03 | [OPEC agrees to produce slightly more oil as recession fears loom \| CNN Business](https://feedsoft.ai/events/39949-opec-agrees-to-produce-slightly-more-oil-as-recession-fears-loom-cnn-business.md) | -4.1% | -4.5% |
| WTI | 2018-03-09 | [OPEC+ seven agree to maintain November production levels](https://feedsoft.ai/events/65936-opec-seven-agree-to-maintain-november-production-levels.md) | +1.7% | +3.2% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2022-08-03/opec-panel-proposes-small-oil-output-increase-for-september

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