# Russia and Opec agree to boost oil production – The Irish Times

> OPEC and Russia are set to raise oil output by up to 1 million barrels a day, with the decision to be finalized the following month. Brent slipped 2% to $76.84 after prices had risen above $80 for the first time since 2014. The increase is intended to replace supply lost from Venezuela and Iran as US sanctions on Iran take effect.

- Date: 2018-05-25 · published 2018-05-25T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/64939-russia-and-opec-agree-to-boost-oil-production-the-irish-times
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A planned output increase of up to 1 million barrels a day is a major bearish signal for crude, reducing energy costs across biofuel and feed supply chains. The move also reflects US pressure to keep oil markets well supplied.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-06-02 | [Opec agrees to ramp up oil production, but fails to exclude Russia \| Opec \| The Guardian](https://feedsoft.ai/events/40841-opec-agrees-to-ramp-up-oil-production-but-fails-to-exclude-russia-opec-the.md) | +6.0% | -0.6% |
| BRENT | 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% | -4.4% |
| BRENT | 2026-03-01 | [OPEC Plus to Boost Oil Production as Iran Strikes Threaten Price Spike - The New York Times](https://feedsoft.ai/events/20080-opec-plus-to-boost-oil-production-as-iran-strikes-threaten-price-spike-the-new.md) | +31.0% | +62.6% |
| 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 | 2026-07-05 | [OPEC+ countries agree to increase oil production in August \| AP News](https://feedsoft.ai/events/18250-opec-countries-agree-to-increase-oil-production-in-august-ap-news.md) | +7.0% | +33.1% |
| WTI | 2022-06-02 | [Opec agrees to ramp up oil production, but fails to exclude Russia \| Opec \| The Guardian](https://feedsoft.ai/events/40841-opec-agrees-to-ramp-up-oil-production-but-fails-to-exclude-russia-opec-the.md) | +5.8% | -7.1% |
| 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% |
| WTI | 2026-03-01 | [OPEC Plus to Boost Oil Production as Iran Strikes Threaten Price Spike - The New York Times](https://feedsoft.ai/events/20080-opec-plus-to-boost-oil-production-as-iran-strikes-threaten-price-spike-the-new.md) | +35.6% | +50.4% |

## Sources

- irishtimes.com: https://www.irishtimes.com/business/energy-and-resources/russia-and-opec-agree-to-boost-oil-production-1.3508403

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