# OPEC+ Agrees to Oil-Supply Boost in Victory for Saudis, Russia - Bloomberg

> OPEC and allied producers, including Mexico and Kazakhstan, gave final sign-off to a nominal oil output increase of 1 million barrels a day. Oman's oil minister estimated the real addition would be 600,000 to 700,000 barrels a day over about six months.

- Date: 2018-06-23 · published 2018-06-23T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/64447-opec-agrees-to-oil-supply-boost-in-victory-for-saudis-russia-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Additional crude supply tends to pressure oil prices lower, which can ease energy and freight costs for feed producers. The gap between the nominal and real increase limits how much prices will fall.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-07-03 | [Saudi, Russia Reaffirm OPEC Deal of Million-Barrel Oil Boost - Bloomberg](https://feedsoft.ai/events/63952-saudi-russia-reaffirm-opec-deal-of-million-barrel-oil-boost-bloomberg.md) | +0.3% | -6.0% |
| WTI | 2021-07-18 | [OPEC+ agrees oil supply boost after UAE, Saudi reach compromise \| Reuters](https://feedsoft.ai/events/45985-opec-agrees-oil-supply-boost-after-uae-saudi-reach-compromise-reuters.md) | +0.6% | -4.7% |
| 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% |
| 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 | 2018-07-03 | [Saudi, Russia Reaffirm OPEC Deal of Million-Barrel Oil Boost - Bloomberg](https://feedsoft.ai/events/63952-saudi-russia-reaffirm-opec-deal-of-million-barrel-oil-boost-bloomberg.md) | +0.7% | -2.6% |
| BRENT | 2021-07-18 | [OPEC+ agrees oil supply boost after UAE, Saudi reach compromise \| Reuters](https://feedsoft.ai/events/45985-opec-agrees-oil-supply-boost-after-uae-saudi-reach-compromise-reuters.md) | +0.6% | -4.4% |
| 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% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2018-06-23/opec-meets-its-allies-in-vienna-for-approval-of-oil-supply-hike

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