# Oil takes biggest daily dive in over a decade as Russia, OPEC split

> Brent posted its biggest daily loss in more than 11 years after Russia rejected OPEC's proposed steep production cuts. OPEC responded by removing limits on its own output.

- Date: 2020-03-06 · published 2020-03-06T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/4421-oil-takes-biggest-daily-dive-in-over-a-decade-as-russia-opec-split
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Removal of OPEC output limits signals a supply surge into weak demand, pushing crude lower and reducing energy-linked support for biofuel feedstocks.

## Read by commodity

- SBO: bearish ▼
- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2020-03-06 | 1 | -10.3% | -5.8 | Brent had its biggest daily loss in over 11 years on March 6 after Russia rejected cuts and OPEC lifted output limits, directly describing the move. |
| BRENT | 2020-03-09 | 1 | -22.5% | -10.0 | Russia's rejection of OPEC's proposed cuts and OPEC's removal of its own output limits set up the supply glut that drove the selloff. |
| BRENT | 2020-03-12 | 5 | -39.5% | -12.1 | Russia rejecting OPEC's proposed cuts and OPEC dropping its output limits removed supply discipline, triggering Brent's biggest one-day drop in over a decade at the start of the window. |
| BRENT | 2020-03-08 | 1 | -12.9% | -5.7 | It reports Brent's biggest daily loss in over 11 years after Russia rejected OPEC's cuts and OPEC lifted output limits, the supply trigger just before the move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-03-08 | [Oil price war between Saudi, Russia after failed OPEC deal](https://feedsoft.ai/events/54278-oil-price-war-between-saudi-russia-after-failed-opec-deal.md) | -27.3% | -36.6% |
| BRENT | 2026-05-29 | [Oil Sees Biggest Weekly Loss Since April on Iran Deal Talk](https://feedsoft.ai/events/12490-oil-sees-biggest-weekly-loss-since-april-on-iran-deal-talk.md) | +2.5% | -21.2% |
| BRENT | 2020-10-12 | [Libya’s biggest oil field reopens, adding to OPEC’s challenges](https://feedsoft.ai/events/50822-libya-s-biggest-oil-field-reopens-adding-to-opec-s-challenges.md) | -0.3% | -8.2% |
| BRENT | 2022-03-16 | [Oil dips on Russia-Ukraine talks, U.S. inventory data](https://feedsoft.ai/events/5995-oil-dips-on-russia-ukraine-talks-u-s-inventory-data.md) | +15.6% | +2.0% |
| BRENT | 2025-08-05 | [Oil prices fall as OPEC+ output hikes counter Russia disruption concerns \| Reuters](https://feedsoft.ai/events/23233-oil-prices-fall-as-opec-output-hikes-counter-russia-disruption-concerns-reuters.md) | -3.1% | -2.2% |
| WTI | 2020-03-08 | [Oil price war between Saudi, Russia after failed OPEC deal](https://feedsoft.ai/events/54278-oil-price-war-between-saudi-russia-after-failed-opec-deal.md) | -23.0% | -31.2% |
| WTI | 2026-05-29 | [Oil Sees Biggest Weekly Loss Since April on Iran Deal Talk](https://feedsoft.ai/events/12490-oil-sees-biggest-weekly-loss-since-april-on-iran-deal-talk.md) | +4.6% | -23.5% |
| WTI | 2020-10-12 | [Libya’s biggest oil field reopens, adding to OPEC’s challenges](https://feedsoft.ai/events/50822-libya-s-biggest-oil-field-reopens-adding-to-opec-s-challenges.md) | +0.7% | -8.6% |

## Sources

- reuters.com: https://www.reuters.com/article/us-global-oil/oil-plunges-to-lowest-since-2017-after-russia-rejects-steep-opec-cut-idUSKBN20T090/?feedName=businessNews&feedType=RSS

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