# OPEC+ plans to pump more crude into a precarious global oil market

> OPEC+ is preparing to restore about 1.5 million barrels per day of output next month, even as a resurgence of coronavirus is slowing the oil demand recovery. Reuters-style analysis notes demand exceeded supply in July by about 2 million barrels per day, and Brent has nearly tripled from April lows to around $43.

- Date: 2020-07-31 · published 2020-07-31T12:00:00.000Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/52006-opec-plans-to-pump-more-crude-into-a-precarious-global-oil-market
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The planned supply increase arrives as demand falters, raising the risk that prices fall again and reducing energy-linked support for vegetable oils and biofuel feedstocks.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-06-21 | [OPEC ready to put more oil into a market that very much needs it - FreightWaves](https://feedsoft.ai/events/64698-opec-ready-to-put-more-oil-into-a-market-that-very-much-needs-it-freightwaves.md) | +14.9% | +5.2% |
| WTI | 2020-03-09 | [AP Explains: The oil market meltdown and its global impact \| AP News](https://feedsoft.ai/events/4420-ap-explains-the-oil-market-meltdown-and-its-global-impact-ap-news.md) | -23.0% | -31.2% |
| WTI | 2018-08-01 | [Saudis pump more crude oil for Trump, then doubt if it's needed](https://feedsoft.ai/events/64203-saudis-pump-more-crude-oil-for-trump-then-doubt-if-it-s-needed.md) | -0.5% | -1.4% |
| WTI | 2020-03-16 | [Chart of the Month \| A Price War Erupts in the Oil Market](https://feedsoft.ai/events/7664-chart-of-the-month-a-price-war-erupts-in-the-oil-market.md) | -35.6% | -29.5% |
| WTI | 2025-08-03 | [OPEC+ makes another large oil output hike in market share push](https://feedsoft.ai/events/23228-opec-makes-another-large-oil-output-hike-in-market-share-push.md) | -5.1% | -5.6% |
| BRENT | 2018-06-21 | [OPEC ready to put more oil into a market that very much needs it - FreightWaves](https://feedsoft.ai/events/64698-opec-ready-to-put-more-oil-into-a-market-that-very-much-needs-it-freightwaves.md) | +3.2% | -3.8% |
| BRENT | 2020-03-09 | [AP Explains: The oil market meltdown and its global impact \| AP News](https://feedsoft.ai/events/4420-ap-explains-the-oil-market-meltdown-and-its-global-impact-ap-news.md) | -27.3% | -36.6% |
| BRENT | 2018-08-01 | [Saudis pump more crude oil for Trump, then doubt if it's needed](https://feedsoft.ai/events/64203-saudis-pump-more-crude-oil-for-trump-then-doubt-if-it-s-needed.md) | -1.0% | +2.3% |

## Sources

- worldoil.com: https://www.worldoil.com/news/2020/7/31/opec-plans-to-pump-more-crude-into-a-precarious-global-oil-market/

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