# Opec+ to ease historic output curbs from August | The National

> OPEC+ will lower its output cuts to 7.7 million barrels per day from August 1, down from 9.7 million in July. Iraq and Nigeria are set to compensate for overproduction, bringing the effective cut to about 8.1 million barrels per day.

- Date: 2020-07-15 · published 2020-07-15T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/52004-opec-to-ease-historic-output-curbs-from-august-the-national
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Effective supply returning to the market is bearish for crude, lowering energy input costs that influence biofuel margins and vegetable oil prices.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-06-30 | [OPEC and Russia likely to ease output cuts in August – Reuters — Octa](https://feedsoft.ai/events/52792-opec-and-russia-likely-to-ease-output-cuts-in-august-reuters-octa.md) | +2.3% | +3.2% |
| 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% |
| 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 | 2024-03-25 | [Opec+ 7 agree another output target hike in August \| Latest Market News](https://feedsoft.ai/events/31111-opec-7-agree-another-output-target-hike-in-august-latest-market-news.md) | +4.1% | +3.2% |
| WTI | 2020-03-08 | [Saudi Arabia slashes April oil selling prices as OPEC+ fails to extend output curbs](https://feedsoft.ai/events/4424-saudi-arabia-slashes-april-oil-selling-prices-as-opec-fails-to-extend-output.md) | -23.0% | -31.2% |
| BRENT | 2020-06-30 | [OPEC and Russia likely to ease output cuts in August – Reuters — Octa](https://feedsoft.ai/events/52792-opec-and-russia-likely-to-ease-output-cuts-in-august-reuters-octa.md) | +3.0% | +4.2% |
| BRENT | 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) | +3.2% | +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% |

## Sources

- thenationalnews.com: https://www.thenationalnews.com/business/energy/opec-to-ease-historic-output-curbs-from-august-1.1049776

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