OPEC+ agreed on Thursday to raise overall monthly production by 648,000 barrels per day for August, after the same increase for July. The 31st ministerial meeting was scheduled for 3 August.
Angola's quota rose to 1.502 million bpd, and its compensation period was extended to December 2022.
The routine monthly increase adds modest supply that low-performing members may not fully deliver. The effect on crude costs for feed producers is limited.
After 215 past bearish policy events, WTI moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
After 210 past bearish policy events, BRENT moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.