# Oil market is progressing toward rebalance: OPEC

> The OPEC and non-OPEC monitoring committee met in St. Petersburg and said the oil market is making steady progress toward rebalancing. Conformity with output cuts reached 98 percent in June, and oil demand is expected to rise by about 2 million bpd in the second half of the year.

- Date: 2017-07-24 · published 2017-07-24T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/69866-oil-market-is-progressing-toward-rebalance-opec
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected demand growth and high compliance point to faster inventory draws, which is supportive for crude prices and energy costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-08-19 | [OPEC+ meets to review compliance with oil cuts - Markets - Business Recorder](https://feedsoft.ai/events/51536-opec-meets-to-review-compliance-with-oil-cuts-markets-business-recorder.md) | +0.8% | -6.3% |
| WTI | 2021-01-06 | [Fitch assesses OPEC + decision for oil market \| Report.az](https://feedsoft.ai/events/49059-fitch-assesses-opec-decision-for-oil-market-report-az.md) | +6.6% | +11.7% |
| WTI | 2022-09-05 | [OPEC+ agrees to make token supply cut to steady oil market](https://feedsoft.ai/events/39516-opec-agrees-to-make-token-supply-cut-to-steady-oil-market.md) | +1.0% | -3.7% |
| WTI | 2020-11-01 | [Oil Spikes After OPEC Claims ''The Worst Is Over For The Oil Market''](https://feedsoft.ai/events/50804-oil-spikes-after-opec-claims-the-worst-is-over-for-the-oil-market.md) | +3.7% | +26.8% |
| WTI | 2019-10-11 | [Oil markets: OPEC, US-China trade in focus](https://feedsoft.ai/events/56742-oil-markets-opec-us-china-trade-in-focus.md) | +0.6% | +6.4% |
| BRENT | 2020-08-19 | [OPEC+ meets to review compliance with oil cuts - Markets - Business Recorder](https://feedsoft.ai/events/51536-opec-meets-to-review-compliance-with-oil-cuts-markets-business-recorder.md) | +1.2% | -11.8% |
| BRENT | 2022-09-05 | [OPEC+ agrees to make token supply cut to steady oil market](https://feedsoft.ai/events/39516-opec-agrees-to-make-token-supply-cut-to-steady-oil-market.md) | -0.9% | -5.0% |
| BRENT | 2021-01-06 | [Fitch assesses OPEC + decision for oil market \| Report.az](https://feedsoft.ai/events/49059-fitch-assesses-opec-decision-for-oil-market-report-az.md) | +5.4% | +7.8% |

## Sources

- aa.com.tr: https://www.aa.com.tr/en/energy/energy-diplomacy/oil-market-is-progressing-toward-rebalance-opec/1450

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