# OPEC Abandons ‘’Whatever It Takes Strategy’’, Boosts Production | OilPrice.com

> A Reuters survey estimated OPEC's August 2019 output at 29.61 million bpd, 80,000 bpd above July, driven by gains in Iraq and Nigeria. Saudi Arabia slightly raised output while Iran's production fell further under US sanctions. OPEC compliance with its cut deal was estimated at 136%.

- Date: 2019-08-31 · published 2019-08-31T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/57502-opec-abandons-whatever-it-takes-strategy-boosts-production-oilprice-com
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Higher OPEC output adds supply to a market already in surplus, which pressures crude prices lower. Lower crude weighs on diesel costs and ethanol and biodiesel economics that influence co-product feed values.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-06-02 | [OPEC+ alliance boosts oil production as energy prices soar \| AP News](https://feedsoft.ai/events/40836-opec-alliance-boosts-oil-production-as-energy-prices-soar-ap-news.md) | +5.8% | -7.1% |
| WTI | 2026-03-01 | [OPEC Plus to Boost Oil Production as Iran Strikes Threaten Price Spike - The New York Times](https://feedsoft.ai/events/20080-opec-plus-to-boost-oil-production-as-iran-strikes-threaten-price-spike-the-new.md) | +35.6% | +50.4% |
| WTI | 2021-02-24 | [OPEC+ Considers Production Increase At March Meeting \| OilPrice.com](https://feedsoft.ai/events/48553-opec-considers-production-increase-at-march-meeting-oilprice-com.md) | -3.2% | -6.3% |
| WTI | 2025-04-04 | [Why OPEC+ is accelerating oil production as prices tank, tariffs hit](https://feedsoft.ai/events/25276-why-opec-is-accelerating-oil-production-as-prices-tank-tariffs-hit.md) | -10.2% | -12.0% |
| WTI | 2022-03-09 | [Oil prices tumble after UAE says it wants OPEC to increase production \| CNN Business](https://feedsoft.ai/events/5821-oil-prices-tumble-after-uae-says-it-wants-opec-to-increase-production-cnn.md) | -22.0% | -17.5% |
| BRENT | 2022-06-02 | [OPEC+ alliance boosts oil production as energy prices soar \| AP News](https://feedsoft.ai/events/40836-opec-alliance-boosts-oil-production-as-energy-prices-soar-ap-news.md) | +6.0% | -0.6% |
| BRENT | 2026-03-01 | [OPEC Plus to Boost Oil Production as Iran Strikes Threaten Price Spike - The New York Times](https://feedsoft.ai/events/20080-opec-plus-to-boost-oil-production-as-iran-strikes-threaten-price-spike-the-new.md) | +31.0% | +62.6% |
| BRENT | 2021-02-24 | [OPEC+ Considers Production Increase At March Meeting \| OilPrice.com](https://feedsoft.ai/events/48553-opec-considers-production-increase-at-march-meeting-oilprice-com.md) | -3.6% | -7.5% |

## Sources

- oilprice.com: https://oilprice.com/Energy/Crude-Oil/OPEC-Abandons-Whatever-It-Takes-Strategy-Boosts-Production.html

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