# Saudi, Russia Reaffirm OPEC Deal of Million-Barrel Oil Boost - Bloomberg

> Saudi Arabia and Russia reaffirmed an OPEC and allied agreement to raise oil output by about 1 million barrels a day. The joint announcement followed U.S. President Trump's call for producers to offset supply losses.

- Date: 2018-07-03 · published 2018-07-03T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/63952-saudi-russia-reaffirm-opec-deal-of-million-barrel-oil-boost-bloomberg
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A confirmed 1 million bpd supply increase eases the tight market and pressures crude prices, which feed into diesel and biofuel costs for feed production.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-06-23 | [OPEC+ Agrees to Oil-Supply Boost in Victory for Saudis, Russia - Bloomberg](https://feedsoft.ai/events/64447-opec-agrees-to-oil-supply-boost-in-victory-for-saudis-russia-bloomberg.md) | +5.1% | -2.8% |
| BRENT | 2021-12-02 | [Oil Plunges 4.8% as Russia Is Said to Propose OPEC+ Output Hike - Bloomberg](https://feedsoft.ai/events/6306-oil-plunges-4-8-as-russia-is-said-to-propose-opec-output-hike-bloomberg.md) | +9.7% | +14.1% |
| 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 | 2025-06-02 | [Behind OPEC+ oil output hike, Saudi-Russian tensions simmer](https://feedsoft.ai/events/24126-behind-opec-oil-output-hike-saudi-russian-tensions-simmer.md) | +4.9% | +7.0% |
| BRENT | 2018-10-25 | [OPEC Should Boost Crude Production at Next Meeting, the IEA Says - Bloomberg](https://feedsoft.ai/events/62454-opec-should-boost-crude-production-at-next-meeting-the-iea-says-bloomberg.md) | -2.1% | -18.5% |
| WTI | 2018-06-23 | [OPEC+ Agrees to Oil-Supply Boost in Victory for Saudis, Russia - Bloomberg](https://feedsoft.ai/events/64447-opec-agrees-to-oil-supply-boost-in-victory-for-saudis-russia-bloomberg.md) | +7.6% | -1.4% |
| WTI | 2021-12-02 | [Oil Plunges 4.8% as Russia Is Said to Propose OPEC+ Output Hike - Bloomberg](https://feedsoft.ai/events/6306-oil-plunges-4-8-as-russia-is-said-to-propose-opec-output-hike-bloomberg.md) | +10.6% | +17.4% |
| 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% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2018-07-03/saudi-russia-reaffirm-opec-deal-on-million-barrel-supply-boost

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