# Opec+ stays the course on oil output boost - Business - DAWN.COM

> OPEC+ kept its previously agreed output increase of 648,000 barrels per day for August, the same increase as for July. The group, led by Saudi Arabia and Russia, refrained from any decision beyond August despite calls for larger increases. Oil prices fell after the announcement.

- Date: 2022-07-01 · published 2022-07-01T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/40402-opec-stays-the-course-on-oil-output-boost-business-dawn-com
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The planned increase adds modest supply, but OPEC+ members are struggling to meet quotas, so the extra barrels may not materialize. Crude prices face mild downward pressure, which feeds into diesel and energy costs for feed producers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-08-03 | [Oil falls on supply glut fears as OPEC+ set to boost output - Markets - Business Recorder](https://feedsoft.ai/events/51785-oil-falls-on-supply-glut-fears-as-opec-set-to-boost-output-markets-business.md) | +2.5% | +7.0% |
| WTI | 2022-06-30 | [Oil falls 3% on uncertainty over future Opec+ output, recession fears - The Business Times](https://feedsoft.ai/events/41112-oil-falls-3-on-uncertainty-over-future-opec-output-recession-fears-the-business.md) | -6.3% | -11.5% |
| WTI | 2020-12-01 | [Oil slides as OPEC+ delays decision on output cuts](https://feedsoft.ai/events/49561-oil-slides-as-opec-delays-decision-on-output-cuts.md) | +1.1% | +5.9% |
| WTI | 2021-03-31 | [OPEC and allies agree to gradually boost crude oil output \| AP News](https://feedsoft.ai/events/47508-opec-and-allies-agree-to-gradually-boost-crude-oil-output-ap-news.md) | -1.3% | +5.4% |
| WTI | 2026-03-01 | [OPEC+ agrees modest oil output boost even as US war on Iran disrupts shipments](https://feedsoft.ai/events/20077-opec-agrees-modest-oil-output-boost-even-as-us-war-on-iran-disrupts-shipments.md) | +35.6% | +50.4% |
| BRENT | 2020-08-03 | [Oil falls on supply glut fears as OPEC+ set to boost output - Markets - Business Recorder](https://feedsoft.ai/events/51785-oil-falls-on-supply-glut-fears-as-opec-set-to-boost-output-markets-business.md) | +2.4% | +4.4% |
| BRENT | 2022-06-30 | [Oil falls 3% on uncertainty over future Opec+ output, recession fears - The Business Times](https://feedsoft.ai/events/41112-oil-falls-3-on-uncertainty-over-future-opec-output-recession-fears-the-business.md) | -11.8% | -8.8% |
| BRENT | 2020-12-01 | [Oil slides as OPEC+ delays decision on output cuts](https://feedsoft.ai/events/49561-oil-slides-as-opec-delays-decision-on-output-cuts.md) | +3.2% | +7.5% |

## Sources

- dawn.com: https://www.dawn.com/news/1697529

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