# OPEC and Allies Prepare to Pump More Oil Just as Market Recovery Teeters - Canadian Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow

> Global oil demand recovery is faltering as coronavirus cases resurge, while OPEC+ prepares to restart about 1.5 million bpd of output in August. Brent futures reached about $43 after cuts lifted prices nearly threefold from April lows. Analysts warn the extra supply could push prices lower again.

- Date: 2020-07-31 · published 2020-07-31T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/52287-opec-and-allies-prepare-to-pump-more-oil-just-as-market-recovery-teeters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Rising OPEC+ supply into weak demand risks renewed price declines, lowering diesel and freight costs for feed buyers. Lower crude would also weigh on biofuel-linked vegetable oil demand.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-11-30 | [Oil Retreats on Signs of OPEC+ Discord Ahead of Key Meeting - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/50337-oil-retreats-on-signs-of-opec-discord-ahead-of-key-meeting-energy-news-top.md) | +3.5% | +7.0% |
| BRENT | 2018-08-31 | [Iraq willing to boost production after OPEC agreement - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/63442-iraq-willing-to-boost-production-after-opec-agreement-energy-news-top-headlines.md) | -1.7% | +5.5% |
| BRENT | 2018-05-30 | [Oil Bulls Scurry for Protection Against a Wave of OPEC Supply - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/65174-oil-bulls-scurry-for-protection-against-a-wave-of-opec-supply-energy-news-top.md) | -1.1% | -0.0% |
| BRENT | 2019-04-26 | [US crude plunges 2.9%, settling at $63.30, after Trump says he told OPEC to tame fuel costs - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/8099-us-crude-plunges-2-9-settling-at-63-30-after-trump-says-he-told-opec-to-tame.md) | -5.3% | -8.8% |
| BRENT | 2021-07-18 | [OPEC, allies raise limits for 5 countries to end oil dispute \| AP News](https://feedsoft.ai/events/45986-opec-allies-raise-limits-for-5-countries-to-end-oil-dispute-ap-news.md) | +0.6% | -4.4% |
| WTI | 2020-11-30 | [Oil Retreats on Signs of OPEC+ Discord Ahead of Key Meeting - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/50337-oil-retreats-on-signs-of-opec-discord-ahead-of-key-meeting-energy-news-top.md) | +1.5% | +4.3% |
| WTI | 2018-08-31 | [Iraq willing to boost production after OPEC agreement - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/63442-iraq-willing-to-boost-production-after-opec-agreement-energy-news-top-headlines.md) | -3.6% | +4.2% |
| WTI | 2018-05-30 | [Oil Bulls Scurry for Protection Against a Wave of OPEC Supply - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/65174-oil-bulls-scurry-for-protection-against-a-wave-of-opec-supply-energy-news-top.md) | -1.9% | +10.3% |

## Sources

- energynow.ca: https://energynow.ca/2020/07/opec-and-allies-prepare-to-pump-more-oil-just-as-market-recovery-teeters/

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