# OPEC production rises again to above its output ceiling - The Korea Herald

> OPEC said its members' July output rose by 173,000 bpd to 32.9 million bpd, above the 32.5 million bpd ceiling agreed in November. Output also exceeded estimated OPEC demand of 32.4 million bpd, and New York crude traded near $49.89.

- Date: 2017-08-10 · published 2017-08-10T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/69361-opec-production-rises-again-to-above-its-output-ceiling-the-korea-herald
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Output above both the ceiling and demand signals a growing surplus, which is bearish for crude prices and energy costs.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-07-16 | [OPEC+ to ease production cuts in August \| Oil & Gas Journal](https://feedsoft.ai/events/52005-opec-to-ease-production-cuts-in-august-oil-and-gas-journal.md) | +1.7% | +3.5% |
| WTI | 2020-07-15 | [OPEC and allies to ease cuts, allow more oil production \| AP News](https://feedsoft.ai/events/52002-opec-and-allies-to-ease-cuts-allow-more-oil-production-ap-news.md) | +3.8% | +3.1% |
| WTI | 2024-08-30 | [Oil Prices Drop as OPEC+ Considers Increasing Production in October \| OilPrice.com](https://feedsoft.ai/events/28974-oil-prices-drop-as-opec-considers-increasing-production-in-october-oilprice-com.md) | -10.8% | -10.5% |
| WTI | 2020-07-15 | [OPEC+ to boost oil production next month \| OPEC \| Al Jazeera](https://feedsoft.ai/events/52003-opec-to-boost-oil-production-next-month-opec-al-jazeera.md) | +3.8% | +3.1% |
| WTI | 2020-07-15 | [OPEC agrees to ease oil output cut to 7.7 mbpd in Aug.](https://feedsoft.ai/events/52009-opec-agrees-to-ease-oil-output-cut-to-7-7-mbpd-in-aug.md) | +3.8% | +3.1% |
| BRENT | 2020-07-16 | [OPEC+ to ease production cuts in August \| Oil & Gas Journal](https://feedsoft.ai/events/52005-opec-to-ease-production-cuts-in-august-oil-and-gas-journal.md) | +0.6% | +3.2% |
| BRENT | 2020-07-15 | [OPEC and allies to ease cuts, allow more oil production \| AP News](https://feedsoft.ai/events/52002-opec-and-allies-to-ease-cuts-allow-more-oil-production-ap-news.md) | +3.2% | +2.7% |
| BRENT | 2026-06-01 | [OPEC Plus, in Symbolic Gesture, to Increase Oil Production](https://feedsoft.ai/events/19153-opec-plus-in-symbolic-gesture-to-increase-oil-production.md) | +2.9% | -23.1% |

## Sources

- koreaherald.com: https://www.koreaherald.com/article/1412450

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