# OPEC deal to raise oil production will 'rein in prices' - Algerian PM

> Algeria's prime minister said the OPEC decision to raise crude output would rein in prices. OPEC agreed to a modest increase from the following month but gave no clear targets.

- Date: 2018-06-23 · published 2018-06-23T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/64448-opec-deal-to-raise-oil-production-will-rein-in-prices-algerian-pm
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Official backing for higher output signals that producers expect supply to rise, which pressures crude prices. Traders remain unsure how much extra oil will actually reach the market.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2025-06-01 | [OPEC+ to Increase Oil Production—Again](https://feedsoft.ai/events/24856-opec-to-increase-oil-production-again.md) | +6.2% | +7.6% |
| WTI | 2021-06-01 | [OPEC to raise oil production in July, stays mum on what’s next](https://feedsoft.ai/events/46493-opec-to-raise-oil-production-in-july-stays-mum-on-what-s-next.md) | +4.4% | +10.0% |
| WTI | 2018-06-23 | [The AEC welcomes OPEC decision to raise oil production - African Energy Chamber](https://feedsoft.ai/events/64449-the-aec-welcomes-opec-decision-to-raise-oil-production-african-energy-chamber.md) | +7.6% | -1.4% |
| WTI | 2025-10-05 | [Opec+ plus to raise oil production by 137,000 barrels a day in November](https://feedsoft.ai/events/22306-opec-plus-to-raise-oil-production-by-137-000-barrels-a-day-in-november.md) | -3.1% | +0.2% |
| WTI | 2024-07-18 | [OPEC+ will stick to oil production hike plan as upcoming meeting, delegates report](https://feedsoft.ai/events/29162-opec-will-stick-to-oil-production-hike-plan-as-upcoming-meeting-delegates-report.md) | -6.4% | -6.9% |
| BRENT | 2025-06-01 | [OPEC+ to Increase Oil Production—Again](https://feedsoft.ai/events/24856-opec-to-increase-oil-production-again.md) | +4.9% | +7.0% |
| BRENT | 2021-06-01 | [OPEC to raise oil production in July, stays mum on what’s next](https://feedsoft.ai/events/46493-opec-to-raise-oil-production-in-july-stays-mum-on-what-s-next.md) | +2.4% | +7.5% |
| BRENT | 2018-06-23 | [The AEC welcomes OPEC decision to raise oil production - African Energy Chamber](https://feedsoft.ai/events/64449-the-aec-welcomes-opec-decision-to-raise-oil-production-african-energy-chamber.md) | +5.1% | -2.8% |

## Sources

- reuters.com: https://www.reuters.com/article/us-opec-algeria/opec-deal-to-raise-oil-production-will-rein-in-prices-algerian-pm-idUSKBN1JJ0TA/

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