# OPEC, Russia seen easing oil production cuts from August - sources

> Four OPEC+ sources told Reuters the group will likely ease record oil production cuts from August as demand recovers and prices rebound. No talks on extending the record cuts into August had taken place, so the cuts would most likely step down to 7.7 million bpd until December.

- Date: 2020-06-30 · published 2020-06-30T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/52515-opec-russia-seen-easing-oil-production-cuts-from-august-sources
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A planned easing of cuts would add crude supply and weigh on prices. Lower energy costs would ease diesel and freight expenses for feed buyers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-06-22 | [OPEC+ discusses further easing of oil cuts from August -sources \| Reuters](https://feedsoft.ai/events/46494-opec-discusses-further-easing-of-oil-cuts-from-august-sources-reuters.md) | -0.9% | -8.5% |
| WTI | 2018-05-25 | [Russia and Opec agree to boost oil production – The Irish Times](https://feedsoft.ai/events/64939-russia-and-opec-agree-to-boost-oil-production-the-irish-times.md) | -7.0% | -2.7% |
| WTI | 2024-06-03 | [U.S. crude oil falls more than 3% as OPEC+ plans phasing out production cuts](https://feedsoft.ai/events/29656-u-s-crude-oil-falls-more-than-3-as-opec-plans-phasing-out-production-cuts.md) | -1.9% | +8.5% |
| WTI | 2026-07-05 | [OPEC+ countries agree to increase oil production in August \| AP News](https://feedsoft.ai/events/18250-opec-countries-agree-to-increase-oil-production-in-august-ap-news.md) | +3.9% | +23.4% |
| WTI | 2021-07-18 | [OPEC, allies agree to boost supply, gradually end oil production cuts](https://feedsoft.ai/events/45987-opec-allies-agree-to-boost-supply-gradually-end-oil-production-cuts.md) | +0.6% | -4.7% |
| BRENT | 2021-06-22 | [OPEC+ discusses further easing of oil cuts from August -sources \| Reuters](https://feedsoft.ai/events/46494-opec-discusses-further-easing-of-oil-cuts-from-august-sources-reuters.md) | +0.0% | -7.7% |
| BRENT | 2018-05-25 | [Russia and Opec agree to boost oil production – The Irish Times](https://feedsoft.ai/events/64939-russia-and-opec-agree-to-boost-oil-production-the-irish-times.md) | -3.5% | -5.4% |
| BRENT | 2024-06-03 | [U.S. crude oil falls more than 3% as OPEC+ plans phasing out production cuts](https://feedsoft.ai/events/29656-u-s-crude-oil-falls-more-than-3-as-opec-plans-phasing-out-production-cuts.md) | -2.0% | +7.9% |

## Sources

- reuters.com: https://www.reuters.com/article/business/opec-russia-seen-easing-oil-production-cuts-from-august-sources-idUSKBN2412JX/

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