# OPEC+ alliance boosts oil production as energy prices soar | AP News

> OPEC+ agreed to raise production by 648,000 barrels per day in July and August, including Russia. The increase is intended to offer modest relief as energy prices soar across the global economy.

- Date: 2022-06-02 · published 2022-06-02T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/40836-opec-alliance-boosts-oil-production-as-energy-prices-soar-ap-news
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A larger-than-planned supply increase eases crude tightness somewhat, which can lower diesel and energy input costs for feed buyers. The effect on prices is modest given limited spare capacity.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2026-03-01 | [OPEC Plus to Boost Oil Production as Iran Strikes Threaten Price Spike - The New York Times](https://feedsoft.ai/events/20080-opec-plus-to-boost-oil-production-as-iran-strikes-threaten-price-spike-the-new.md) | +35.6% | +50.4% |
| WTI | 2019-08-31 | [OPEC Abandons ‘’Whatever It Takes Strategy’’, Boosts Production \| OilPrice.com](https://feedsoft.ai/events/57502-opec-abandons-whatever-it-takes-strategy-boosts-production-oilprice-com.md) | +2.5% | +1.6% |
| WTI | 2021-09-01 | [OPEC steadily adds back production as economy recovers \| AP News](https://feedsoft.ai/events/44980-opec-steadily-adds-back-production-as-economy-recovers-ap-news.md) | +1.3% | +9.5% |
| 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% |
| BRENT | 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% | -4.4% |
| BRENT | 2026-03-01 | [OPEC Plus to Boost Oil Production as Iran Strikes Threaten Price Spike - The New York Times](https://feedsoft.ai/events/20080-opec-plus-to-boost-oil-production-as-iran-strikes-threaten-price-spike-the-new.md) | +31.0% | +62.6% |
| BRENT | 2019-08-31 | [OPEC Abandons ‘’Whatever It Takes Strategy’’, Boosts Production \| OilPrice.com](https://feedsoft.ai/events/57502-opec-abandons-whatever-it-takes-strategy-boosts-production-oilprice-com.md) | +1.1% | +2.4% |

## Sources

- apnews.com: https://apnews.com/article/russia-ukraine-saudi-arabia-middle-east-prices-75b1230a04d5f3ed90d58fbb64db17d3

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