# Oil sharpens decline on prospects of Russian, OPEC production bumps

> Oil futures fell, with Brent at three-week lows and US crude at six-week lows, as investors priced in higher output from Russia and Saudi Arabia. Both countries are considering production increases while US output rises to record highs.

- Date: 2018-05-29 · published 2018-05-29T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/65176-oil-sharpens-decline-on-prospects-of-russian-opec-production-bumps
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected production increases from Russia, Saudi Arabia and the US point to a more ample crude supply and lower energy prices. Cheaper crude eases input and transport costs for feed buyers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-06-30 | [OPEC, Russia seen easing oil production cuts from August - sources](https://feedsoft.ai/events/52515-opec-russia-seen-easing-oil-production-cuts-from-august-sources.md) | +2.3% | +3.2% |
| 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 | 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 | 2018-06-23 | [OPEC deal to raise oil production will 'rein in prices' - Algerian PM](https://feedsoft.ai/events/64448-opec-deal-to-raise-oil-production-will-rein-in-prices-algerian-pm.md) | +7.6% | -1.4% |
| 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% |
| BRENT | 2020-06-30 | [OPEC, Russia seen easing oil production cuts from August - sources](https://feedsoft.ai/events/52515-opec-russia-seen-easing-oil-production-cuts-from-august-sources.md) | +3.0% | +4.2% |
| BRENT | 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) | -3.5% | -5.4% |
| 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% |

## Sources

- economies.com: https://www.economies.com/commodities/oil-news/oil-sharpens-decline-on-prospects-of-russian,-opec-production-bumps-23223

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