# OPEC+ to boost oil production next month | OPEC | Al Jazeera

> OPEC+ agreed to taper its record output cuts starting in August, reducing the curbs from 9.7 million to 7.7 million barrels per day. Saudi Arabia's energy minister said the extra supply would be absorbed as demand recovers, though the group faces risk from a resurgence of the virus in the U.S.

- Date: 2020-07-15 · published 2020-07-15T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/52003-opec-to-boost-oil-production-next-month-opec-al-jazeera
- 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

Roughly 2 million barrels a day of returning supply is a meaningful bearish force on crude, which feeds through to diesel and biofuel economics and can soften vegetable oil and biodiesel demand.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-07-15 | [OPEC and allies to ease cuts, allow more oil production \| AP News](https://feedsoft.ai/events/52002-opec-and-allies-to-ease-cuts-allow-more-oil-production-ap-news.md) | +3.8% | +3.1% |
| 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 | 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 | 2020-03-30 | [US, Russian oil officials to meet as Brent crude hits 18-year low \| OPEC \| Al Jazeera](https://feedsoft.ai/events/54288-us-russian-oil-officials-to-meet-as-brent-crude-hits-18-year-low-opec-al-jazeera.md) | +64.1% | -28.3% |
| WTI | 2020-03-06 | [Russia ‘playing with fire’ as OPEC+ talks collapse \| OPEC \| Al Jazeera](https://feedsoft.ai/events/54051-russia-playing-with-fire-as-opec-talks-collapse-opec-al-jazeera.md) | -31.3% | -45.0% |
| BRENT | 2020-07-15 | [OPEC and allies to ease cuts, allow more oil production \| AP News](https://feedsoft.ai/events/52002-opec-and-allies-to-ease-cuts-allow-more-oil-production-ap-news.md) | +3.2% | +2.7% |
| 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% |

## Sources

- aljazeera.com: https://www.aljazeera.com/economy/2020/7/15/opec-to-boost-oil-production-next-month

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