# OPEC ready to put more oil into a market that very much needs it - FreightWaves

> OPEC, meeting in Vienna, is expected to raise production because global oil inventories have fallen from their earlier glut. Demand growth and output losses in Venezuela have tightened the market since the 2015 supply-cut pact.

- Date: 2018-06-21 · published 2018-06-21T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/64698-opec-ready-to-put-more-oil-into-a-market-that-very-much-needs-it-freightwaves
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

An expected OPEC output increase would add crude supply and could cap crude prices, which feed into biofuel economics and diesel and fertilizer costs.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-07-31 | [OPEC+ plans to pump more crude into a precarious global oil market](https://feedsoft.ai/events/52006-opec-plans-to-pump-more-crude-into-a-precarious-global-oil-market.md) | +5.2% | +7.7% |
| WTI | 2026-09-30 | [More oil out of the Gulf translating to lower prices - FreightWaves](https://feedsoft.ai/events/17654-more-oil-out-of-the-gulf-translating-to-lower-prices-freightwaves.md) | +0.1% | +8.9% |
| WTI | 2025-08-03 | [OPEC+ makes another large oil output hike in market share push](https://feedsoft.ai/events/23228-opec-makes-another-large-oil-output-hike-in-market-share-push.md) | -5.1% | -5.6% |
| WTI | 2020-03-09 | [The oil price war is on; what that means for buyers of diesel - FreightWaves](https://feedsoft.ai/events/54330-the-oil-price-war-is-on-what-that-means-for-buyers-of-diesel-freightwaves.md) | -23.0% | -31.2% |
| WTI | 2022-03-31 | [OPEC+ refuses to heed consumers’ call for more oil \| OPEC News \| Al Jazeera](https://feedsoft.ai/events/42175-opec-refuses-to-heed-consumers-call-for-more-oil-opec-news-al-jazeera.md) | -10.6% | -2.2% |
| BRENT | 2020-07-31 | [OPEC+ plans to pump more crude into a precarious global oil market](https://feedsoft.ai/events/52006-opec-plans-to-pump-more-crude-into-a-precarious-global-oil-market.md) | +4.9% | +4.7% |
| BRENT | 2026-09-30 | [More oil out of the Gulf translating to lower prices - FreightWaves](https://feedsoft.ai/events/17654-more-oil-out-of-the-gulf-translating-to-lower-prices-freightwaves.md) | +3.9% | +9.5% |
| BRENT | 2025-08-03 | [OPEC+ makes another large oil output hike in market share push](https://feedsoft.ai/events/23228-opec-makes-another-large-oil-output-hike-in-market-share-push.md) | -4.6% | -3.0% |

## Sources

- freightwaves.com: https://www.freightwaves.com/news/opec-oil-prices-trucking

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