# Upping the ante - Petroleum News

> OPEC committed in Vienna on June 22 to increase oil production, but the communique referenced only the existing November 2016 target. Actual output has already fallen well below that target, leaving the agreement's impact unclear.

- Date: 2018-07-01 · published 2018-07-01T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/63959-upping-the-ante-petroleum-news
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Uncertainty about how much supply will actually rise leaves crude price direction unclear, with limited near-term effect on feed input costs.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2017-08-02 | [OPEC, Saudi Arabia, and Sanctions Update: Connecting the Dots](https://feedsoft.ai/events/69363-opec-saudi-arabia-and-sanctions-update-connecting-the-dots.md) | +0.9% | +0.2% |
| BRENT | 2018-05-31 | [Today.Az - OPEC supply rebalancing continues to be the primary](https://feedsoft.ai/events/64943-today-az-opec-supply-rebalancing-continues-to-be-the-primary.md) | -3.1% | +0.2% |
| BRENT | 2019-09-09 | [New Saudi energy minister urges producers to share burden \| AP News](https://feedsoft.ai/events/57007-new-saudi-energy-minister-urges-producers-to-share-burden-ap-news.md) | -1.1% | -4.3% |
| BRENT | 2022-08-03 | [OPEC+ boosts oil output by slower pace than previous months \| AP News](https://feedsoft.ai/events/39948-opec-boosts-oil-output-by-slower-pace-than-previous-months-ap-news.md) | -3.4% | -4.0% |
| BRENT | 2026-10-04 | [Major oil exporters agree to keep production steady \| AP News](https://feedsoft.ai/events/17057-major-oil-exporters-agree-to-keep-production-steady-ap-news.md) | -0.9% | +2.2% |
| WTI | 2016-11-30 | [CPO Price Picking Up In Riau In The Past 6 Months - ANTARA News Riau](https://feedsoft.ai/events/10935-cpo-price-picking-up-in-riau-in-the-past-6-months-antara-news-riau.md) | +12.5% | +19.3% |
| WTI | 2017-08-02 | [OPEC, Saudi Arabia, and Sanctions Update: Connecting the Dots](https://feedsoft.ai/events/69363-opec-saudi-arabia-and-sanctions-update-connecting-the-dots.md) | -0.2% | -5.5% |
| WTI | 2018-10-29 | [Airlines, trucking industry face sharp rise in fuel prices \| CBC News](https://feedsoft.ai/events/62737-airlines-trucking-industry-face-sharp-rise-in-fuel-prices-cbc-news.md) | -6.6% | -23.8% |

## Sources

- petroleumnews.com: https://www.petroleumnews.com/story/2018/07/01/news/upping-the-ante/34935.html

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