# OPEC agrees to ease oil output cut to 7.7 mbpd in Aug.

> OPEC and its allies agreed on Wednesday to lower the current crude output cut to 7.7 million barrels per day from August, down from 9.7 million in July. The group expects jet fuel, gasoline and diesel demand to grow in coming months as economies reopen.

- Date: 2020-07-15 · published 2020-07-15T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/52009-opec-agrees-to-ease-oil-output-cut-to-7-7-mbpd-in-aug
- 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 crude supply from August is bearish for energy prices, while the expected fuel demand recovery provides some support for diesel and related costs.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-02-01 | [OPEC+ agrees to keep oil output unchanged](https://feedsoft.ai/events/8797-opec-agrees-to-keep-oil-output-unchanged.md) | -1.6% | +9.9% |
| 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 | 2020-07-16 | [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 ease historic output curbs from August \| The National](https://feedsoft.ai/events/52004-opec-to-ease-historic-output-curbs-from-august-the-national.md) | +3.8% | +3.1% |
| 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% |
| BRENT | 2026-02-01 | [OPEC+ agrees to keep oil output unchanged](https://feedsoft.ai/events/8797-opec-agrees-to-keep-oil-output-unchanged.md) | -3.1% | +0.6% |
| 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 | 2020-07-16 | [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

- haberintelifi.aa.com.tr: https://haberintelifi.aa.com.tr/en/economy/opec-agrees-to-ease-oil-output-cut-to-77-mbpd-in-aug/1911931

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