# OPEC production falls to 32.76 million b/d in August | Oil & Gas Journal

> OPEC reported that its oil production fell by 79,000 b/d in August to 32.76 million b/d, the first drop since April. The group also raised its forecast for OPEC crude demand next year and said stocks are falling.

- Date: 2017-09-12 · published 2017-09-12T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/68867-opec-production-falls-to-32-76-million-b-d-in-august-oil-and-gas-journal
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lower output and falling inventories point to a market rebalancing, which supports crude prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2017-09-12 | [OPEC oil production falls for the first time since March](https://feedsoft.ai/events/68865-opec-oil-production-falls-for-the-first-time-since-march.md) | +2.7% | +2.8% |
| BRENT | 2023-10-11 | [Oil, gasoline prices set to rise in 2024 as OPEC+ production cuts take their toll: EIA](https://feedsoft.ai/events/33795-oil-gasoline-prices-set-to-rise-in-2024-as-opec-production-cuts-take-their-toll.md) | +2.3% | -7.5% |
| BRENT | 2021-05-31 | [OPEC Boosted Production Less Than Expected In May \| OilPrice.com](https://feedsoft.ai/events/47016-opec-boosted-production-less-than-expected-in-may-oilprice-com.md) | +2.4% | +7.5% |
| BRENT | 2021-12-20 | [Palm oil production expected to return in earnest next year: OCBC](https://feedsoft.ai/events/43694-palm-oil-production-expected-to-return-in-earnest-next-year-ocbc.md) | +3.8% | +18.3% |
| BRENT | 2019-11-18 | [IEA: Oil demand growth to accelerate in 2019 fourth quarter \| Oil & Gas Journal](https://feedsoft.ai/events/56232-iea-oil-demand-growth-to-accelerate-in-2019-fourth-quarter-oil-and-gas-journal.md) | +1.3% | +4.8% |
| WTI | 2017-09-12 | [OPEC oil production falls for the first time since March](https://feedsoft.ai/events/68865-opec-oil-production-falls-for-the-first-time-since-march.md) | +3.8% | +3.2% |
| WTI | 2023-10-11 | [Oil, gasoline prices set to rise in 2024 as OPEC+ production cuts take their toll: EIA](https://feedsoft.ai/events/33795-oil-gasoline-prices-set-to-rise-in-2024-as-opec-production-cuts-take-their-toll.md) | +0.9% | -9.5% |
| WTI | 2021-05-31 | [OPEC Boosted Production Less Than Expected In May \| OilPrice.com](https://feedsoft.ai/events/47016-opec-boosted-production-less-than-expected-in-may-oilprice-com.md) | +4.4% | +10.0% |

## Sources

- ogj.com: https://www.ogj.com/drilling-production/article/17288968/opec-production-falls-to-3276-million-b-d-in-august

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