# Expectations of increased crude output weigh on oil prices - Offshore Technology

> Brent fell 45 cents to $74.94 and WTI dropped 24 cents to $66.49 on growing expectations that Saudi Arabia and Russia will raise output by about one million barrels per day later this year. Analysts noted that OPEC has over-delivered on cuts and that inventories will stay below the five-year average. A stronger dollar also weighed on prices.

- Date: 2018-05-30 · published 2018-05-30T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/65181-expectations-of-increased-crude-output-weigh-on-oil-prices-offshore-technology
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Planned output increases would ease the crude supply squeeze and lower energy and transport costs for feed producers. Lower crude also weakens the economics of biofuel feedstock demand.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-06-01 | [OPEC+ agrees to continue planned crude output increases](https://feedsoft.ai/events/46499-opec-agrees-to-continue-planned-crude-output-increases.md) | +4.4% | +10.0% |
| WTI | 2024-08-22 | [OPEC⁺ faces moment of truth on planned output increase](https://feedsoft.ai/events/28688-opec-faces-moment-of-truth-on-planned-output-increase.md) | +3.7% | +0.1% |
| WTI | 2019-04-28 | [Global oil prices slip after US demands OPEC to increase output](https://feedsoft.ai/events/8098-global-oil-prices-slip-after-us-demands-opec-to-increase-output.md) | -2.1% | -7.6% |
| WTI | 2021-12-02 | [OPEC to proceed with plans to increase January oil output](https://feedsoft.ai/events/43503-opec-to-proceed-with-plans-to-increase-january-oil-output.md) | +10.6% | +17.4% |
| WTI | 2024-09-26 | [Crude oil prices today: WTI falls as Saudi committed to higher output](https://feedsoft.ai/events/28481-crude-oil-prices-today-wti-falls-as-saudi-committed-to-higher-output.md) | +0.5% | +1.4% |
| BRENT | 2021-06-01 | [OPEC+ agrees to continue planned crude output increases](https://feedsoft.ai/events/46499-opec-agrees-to-continue-planned-crude-output-increases.md) | +2.4% | +7.5% |
| BRENT | 2024-08-22 | [OPEC⁺ faces moment of truth on planned output increase](https://feedsoft.ai/events/28688-opec-faces-moment-of-truth-on-planned-output-increase.md) | +2.5% | -4.3% |
| BRENT | 2019-04-28 | [Global oil prices slip after US demands OPEC to increase output](https://feedsoft.ai/events/8098-global-oil-prices-slip-after-us-demands-opec-to-increase-output.md) | -0.3% | -4.5% |

## Sources

- offshore-technology.com: https://www.offshore-technology.com/news/expectations-increased-crude-output-weigh-oil-prices/

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