# OPEC+ Supply Cuts: Latest Oil Market News on Output Status - Bloomberg

> OPEC+ production cuts taken in May are on track to remove about 9.7 million barrels per day of crude, roughly 10% of global supply, according to tanker-tracking data and trader and refiner interviews. The cuts were made in response to a collapse in oil prices.

- Date: 2020-05-16 · published 2020-05-16T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/53027-opec-supply-cuts-latest-oil-market-news-on-output-status-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A supply cut of this scale tightens crude balances and supports energy prices, which feed into feed costs via diesel, fertilizer and biofuel economics.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2025-11-13 | [Latest Oil Market News and Analysis for Nov. 14 - Bloomberg](https://feedsoft.ai/events/22140-latest-oil-market-news-and-analysis-for-nov-14-bloomberg.md) | +1.6% | -2.2% |
| WTI | 2026-03-26 | [Latest Oil Market News and Analysis for March 27 - Bloomberg](https://feedsoft.ai/events/20344-latest-oil-market-news-and-analysis-for-march-27-bloomberg.md) | +11.2% | +7.7% |
| WTI | 2024-09-30 | [Latest Oil Market News and Analysis for October 1 - Bloomberg](https://feedsoft.ai/events/28477-latest-oil-market-news-and-analysis-for-october-1-bloomberg.md) | +9.1% | +5.0% |
| WTI | 2025-06-12 | [Latest Oil Market News and Analysis for June 13 - Bloomberg](https://feedsoft.ai/events/11152-latest-oil-market-news-and-analysis-for-june-13-bloomberg.md) | +10.2% | -1.9% |
| WTI | 2018-07-12 | [OPEC Output May Be Stretched to Limit by Supply Crises, IEA Says - Bloomberg](https://feedsoft.ai/events/63958-opec-output-may-be-stretched-to-limit-by-supply-crises-iea-says-bloomberg.md) | -2.4% | -5.0% |
| BRENT | 2025-11-13 | [Latest Oil Market News and Analysis for Nov. 14 - Bloomberg](https://feedsoft.ai/events/22140-latest-oil-market-news-and-analysis-for-nov-14-bloomberg.md) | +2.2% | +0.6% |
| BRENT | 2026-03-26 | [Latest Oil Market News and Analysis for March 27 - Bloomberg](https://feedsoft.ai/events/20344-latest-oil-market-news-and-analysis-for-march-27-bloomberg.md) | +4.1% | +3.3% |
| BRENT | 2024-09-30 | [Latest Oil Market News and Analysis for October 1 - Bloomberg](https://feedsoft.ai/events/28477-latest-oil-market-news-and-analysis-for-october-1-bloomberg.md) | +9.6% | +5.6% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2020-05-16/opec-dazzles-oil-market-with-swift-delivery-of-new-supply-cuts

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