# Opec+ Ratifies Agreement To Unwind Cuts In August | MEES

> OPEC+ ratified an agreement to fully unwind in August the 9.7 million barrels per day of cuts made in April 2020. Ministers did not discuss further increases from September, but members will assess them before the 3 August meeting. Brent is trading in a $100-120 range with low spare capacity.

- Date: 2022-07-01 · published 2022-07-01T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/40405-opec-ratifies-agreement-to-unwind-cuts-in-august-mees
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Completing the unwinding adds supply to a market with little spare capacity, which limits upside risk for crude but leaves prices supported. Energy costs for feed production remain high.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-07-05 | [OPEC+ countries agree to increase oil production in August \| AP News](https://feedsoft.ai/events/18250-opec-countries-agree-to-increase-oil-production-in-august-ap-news.md) | +3.9% | +23.4% |
| WTI | 2025-07-08 | [OPEC+ countries agree to raise crude oil production by 548 kb/d in August 2025 \| Enerdata](https://feedsoft.ai/events/23677-opec-countries-agree-to-raise-crude-oil-production-by-548-kb-d-in-august-2025.md) | -1.4% | -2.6% |
| WTI | 2025-07-05 | [OPEC+ members agree to larger-than-expected oil production hike in August](https://feedsoft.ai/events/23671-opec-members-agree-to-larger-than-expected-oil-production-hike-in-august.md) | +2.4% | +0.7% |
| WTI | 2021-07-18 | [OPEC, allies agree to boost supply, gradually end oil production cuts](https://feedsoft.ai/events/45987-opec-allies-agree-to-boost-supply-gradually-end-oil-production-cuts.md) | +0.6% | -4.7% |
| WTI | 2026-07-06 | [OPEC Decides to Boost Production Further in August \| Rigzone](https://feedsoft.ai/events/18253-opec-decides-to-boost-production-further-in-august-rigzone.md) | +3.9% | +23.4% |
| BRENT | 2026-07-05 | [OPEC+ countries agree to increase oil production in August \| AP News](https://feedsoft.ai/events/18250-opec-countries-agree-to-increase-oil-production-in-august-ap-news.md) | +7.0% | +33.1% |
| BRENT | 2025-07-08 | [OPEC+ countries agree to raise crude oil production by 548 kb/d in August 2025 \| Enerdata](https://feedsoft.ai/events/23677-opec-countries-agree-to-raise-crude-oil-production-by-548-kb-d-in-august-2025.md) | -1.0% | -2.3% |
| BRENT | 2025-07-05 | [OPEC+ members agree to larger-than-expected oil production hike in August](https://feedsoft.ai/events/23671-opec-members-agree-to-larger-than-expected-oil-production-hike-in-august.md) | +2.2% | +0.7% |

## Sources

- mees.com: https://www.mees.com/2022/7/1/opec/opec-ratifies-agreement-to-unwind-cuts-in-august/8cb5ab30-f932-11ec-a223-a19c2c180e1a

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