# OPEC+ Moves To End Price War With 9.7 Million B/D Cut

> OPEC+ agreed in mid-April to cut crude output by 9.7 million bpd, the largest cut ever and the first to include the US, ending a March price war. Cuts run through June, then taper to 7.8 million bpd from July and 5.8 million bpd from January 2021.

- Date: 2020-05-01 · published 2020-05-01T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/53032-opec-moves-to-end-price-war-with-9-7-million-b-d-cut
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The historic cut removes a large share of global supply, providing firm support for crude and energy costs that affect feed logistics and fertilizer.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-04-12 | [Oil News: OPEC+ Deal to Cut Production Reached, Price War Ends - Bloomberg](https://feedsoft.ai/events/53541-oil-news-opec-deal-to-cut-production-reached-price-war-ends-bloomberg.md) | -19.9% | +5.3% |
| WTI | 2017-05-26 | [OPEC cut unlikely to move U.S. diesel prices - FreightWaves](https://feedsoft.ai/events/71182-opec-cut-unlikely-to-move-u-s-diesel-prices-freightwaves.md) | -2.1% | -11.9% |
| WTI | 2020-04-09 | [OPEC and allies agree to historic 10 million barrel per day oil cut](https://feedsoft.ai/events/53545-opec-and-allies-agree-to-historic-10-million-barrel-per-day-oil-cut.md) | -20.7% | -1.1% |
| WTI | 2020-04-12 | [Record deal to cut oil output ends price war - BBC News](https://feedsoft.ai/events/53543-record-deal-to-cut-oil-output-ends-price-war-bbc-news.md) | -19.9% | +5.3% |
| WTI | 2020-06-06 | [OPEC and allies agree to extend record production cut](https://feedsoft.ai/events/52790-opec-and-allies-agree-to-extend-record-production-cut.md) | -8.3% | +2.6% |
| BRENT | 2020-04-12 | [Oil News: OPEC+ Deal to Cut Production Reached, Price War Ends - Bloomberg](https://feedsoft.ai/events/53541-oil-news-opec-deal-to-cut-production-reached-price-war-ends-bloomberg.md) | -6.7% | +8.6% |
| BRENT | 2017-05-26 | [OPEC cut unlikely to move U.S. diesel prices - FreightWaves](https://feedsoft.ai/events/71182-opec-cut-unlikely-to-move-u-s-diesel-prices-freightwaves.md) | -2.9% | -13.5% |
| BRENT | 2020-04-09 | [OPEC and allies agree to historic 10 million barrel per day oil cut](https://feedsoft.ai/events/53545-opec-and-allies-agree-to-historic-10-million-barrel-per-day-oil-cut.md) | -20.8% | -7.2% |

## Sources

- onepetro.org: https://onepetro.org/JPT/article-abstract/72/05/38/209999/OPEC-Moves-To-End-Price-War-With-9-7-Million-B-D?redirectedFrom=fulltext

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