# OPEC and allies to ease cuts, allow more oil production | AP News

> OPEC and allied nations agreed in a video conference on Wednesday to ease their production cuts, sticking to a previously crafted schedule that allows more oil output in August. The move follows several months of historic curbs imposed during the COVID-19 demand collapse.

- Date: 2020-07-15 · published 2020-07-15T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/52002-opec-and-allies-to-ease-cuts-allow-more-oil-production-ap-news
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Higher OPEC+ supply in August adds crude to a market recovering from pandemic demand losses, which tends to weigh on energy prices and therefore on diesel and freight costs for feed producers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-07-16 | [OPEC+ to ease production cuts in August \| Oil & Gas Journal](https://feedsoft.ai/events/52005-opec-to-ease-production-cuts-in-august-oil-and-gas-journal.md) | +1.7% | +3.5% |
| WTI | 2020-07-15 | [OPEC+ to boost oil production next month \| OPEC \| Al Jazeera](https://feedsoft.ai/events/52003-opec-to-boost-oil-production-next-month-opec-al-jazeera.md) | +3.8% | +3.1% |
| WTI | 2020-03-06 | [Russia-Saudi Oil Alliance Under Pressure as Moscow Rejects Production Cuts - The Moscow Times](https://feedsoft.ai/events/54055-russia-saudi-oil-alliance-under-pressure-as-moscow-rejects-production-cuts-the.md) | -31.3% | -45.0% |
| WTI | 2022-03-31 | [OPEC+ refuses to heed consumers’ call for more oil \| OPEC News \| Al Jazeera](https://feedsoft.ai/events/42175-opec-refuses-to-heed-consumers-call-for-more-oil-opec-news-al-jazeera.md) | -10.6% | -2.2% |
| WTI | 2020-07-15 | [OPEC agrees to ease oil output cut to 7.7 mbpd in Aug.](https://feedsoft.ai/events/52009-opec-agrees-to-ease-oil-output-cut-to-7-7-mbpd-in-aug.md) | +3.8% | +3.1% |
| BRENT | 2020-07-16 | [OPEC+ to ease production cuts in August \| Oil & Gas Journal](https://feedsoft.ai/events/52005-opec-to-ease-production-cuts-in-august-oil-and-gas-journal.md) | +0.6% | +3.2% |
| BRENT | 2026-05-03 | [OPEC+ countries, including Saudi Arabia and Russia, to boost oil production \| AP News](https://feedsoft.ai/events/19149-opec-countries-including-saudi-arabia-and-russia-to-boost-oil-production-ap-news.md) | -9.5% | -14.6% |
| BRENT | 2020-07-15 | [OPEC+ to boost oil production next month \| OPEC \| Al Jazeera](https://feedsoft.ai/events/52003-opec-to-boost-oil-production-next-month-opec-al-jazeera.md) | +3.2% | +2.7% |

## Sources

- apnews.com: https://apnews.com/article/263bc0a936f28bbf124a1c6e9ed99d85

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