# OPEC agrees to produce slightly more oil as recession fears loom | CNN Business

> OPEC+ said it would add an additional 100,000 barrels per day of production in September. The announcement came as recession fears weighed on the outlook for oil demand.

- Date: 2022-08-03 · published 2022-08-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/39949-opec-agrees-to-produce-slightly-more-oil-as-recession-fears-loom-cnn-business
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The modest supply increase does little to offset tight markets, so crude-linked costs for transport and fertilizer remain high. Recession concerns are a counterweight that could limit upward price pressure.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-01-04 | [OPEC+ Agrees to Revive More Oil Supplies as Market Looks Tighter](https://feedsoft.ai/events/43060-opec-agrees-to-revive-more-oil-supplies-as-market-looks-tighter.md) | +3.3% | +16.7% |
| BRENT | 2022-08-03 | [Oil Prices: OPEC+ Agrees to Raise Production Next Month at Much Slower Pace - Bloomberg](https://feedsoft.ai/events/39947-oil-prices-opec-agrees-to-raise-production-next-month-at-much-slower-pace.md) | -3.4% | -4.0% |
| BRENT | 2023-11-30 | [OPEC+ agrees to voluntary oil output cuts - Business & Finance - Business Recorder](https://feedsoft.ai/events/33089-opec-agrees-to-voluntary-oil-output-cuts-business-and-finance-business-recorder.md) | -10.5% | -5.2% |
| BRENT | 2021-12-02 | [Oil prices: OPEC and Russia stick with plans to increase oil output in January \| CNN Business](https://feedsoft.ai/events/43502-oil-prices-opec-and-russia-stick-with-plans-to-increase-oil-output-in-january.md) | +9.7% | +14.1% |
| BRENT | 2026-04-05 | [OPEC+ to increase oil production by 206,000 bpd in May -  Business & Economy - TASS](https://feedsoft.ai/events/19614-opec-to-increase-oil-production-by-206-000-bpd-in-may-business-and-economy-tass.md) | -9.7% | -4.1% |
| WTI | 2022-01-04 | [OPEC+ Agrees to Revive More Oil Supplies as Market Looks Tighter](https://feedsoft.ai/events/43060-opec-agrees-to-revive-more-oil-supplies-as-market-looks-tighter.md) | +2.8% | +16.0% |
| WTI | 2022-08-03 | [Oil Prices: OPEC+ Agrees to Raise Production Next Month at Much Slower Pace - Bloomberg](https://feedsoft.ai/events/39947-oil-prices-opec-agrees-to-raise-production-next-month-at-much-slower-pace.md) | -4.1% | -4.5% |
| WTI | 2023-11-30 | [OPEC+ agrees to voluntary oil output cuts - Business & Finance - Business Recorder](https://feedsoft.ai/events/33089-opec-agrees-to-voluntary-oil-output-cuts-business-and-finance-business-recorder.md) | -11.0% | -7.4% |

## Sources

- cnn.com: https://www.cnn.com/2022/08/03/energy/opec-meeting-september-output

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