# OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic

> OPEC+ sources said total global oil cuts are expected to exceed 20 million bpd, about 20% of global supply, effective May 1. The figure appeared in OPEC's draft statement but was removed from the final version.

- Date: 2020-04-13 · published 2020-04-13T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/53540-opec-russia-approve-biggest-ever-oil-cut-to-support-prices-amid-coronavirus
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A cut of this size would tighten crude supply sharply against collapsing pandemic demand, supporting oil prices and energy-linked feed input costs such as diesel and biofuel margins.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-04-12 | [OPEC+ finalizes oil cut deal, halting a bruising price war, but coronavirus pain to linger](https://feedsoft.ai/events/53544-opec-finalizes-oil-cut-deal-halting-a-bruising-price-war-but-coronavirus-pain.md) | -6.7% | +8.6% |
| BRENT | 2023-02-10 | [Russia announces cut to oil output over Western price caps \| AP News](https://feedsoft.ai/events/37493-russia-announces-cut-to-oil-output-over-western-price-caps-ap-news.md) | +0.6% | -3.2% |
| BRENT | 2020-04-02 | [Coronavirus: Oil prices surge on hopes of a price war truce](https://feedsoft.ai/events/5485-coronavirus-oil-prices-surge-on-hopes-of-a-price-war-truce.md) | +49.5% | +11.2% |
| BRENT | 2019-03-29 | [Oil prices rise amid OPEC's ongoing supply cuts, U.S. sanctions](https://feedsoft.ai/events/60279-oil-prices-rise-amid-opec-s-ongoing-supply-cuts-u-s-sanctions.md) | +4.0% | +6.9% |
| BRENT | 2022-08-29 | [Oil prices climb on OPEC supply cut prospect, rise in demand](https://feedsoft.ai/events/40197-oil-prices-climb-on-opec-supply-cut-prospect-rise-in-demand.md) | -7.9% | -15.7% |
| WTI | 2020-04-12 | [OPEC+ finalizes oil cut deal, halting a bruising price war, but coronavirus pain to linger](https://feedsoft.ai/events/53544-opec-finalizes-oil-cut-deal-halting-a-bruising-price-war-but-coronavirus-pain.md) | -19.9% | +5.3% |
| WTI | 2023-02-10 | [Russia announces cut to oil output over Western price caps \| AP News](https://feedsoft.ai/events/37493-russia-announces-cut-to-oil-output-over-western-price-caps-ap-news.md) | +0.5% | -1.9% |
| WTI | 2020-04-02 | [Coronavirus: Oil prices surge on hopes of a price war truce](https://feedsoft.ai/events/5485-coronavirus-oil-prices-surge-on-hopes-of-a-price-war-truce.md) | +23.3% | -2.7% |

## Sources

- reuters.com: https://www.reuters.com/article/business/opec-russia-approve-biggest-ever-oil-cut-to-support-prices-amid-coronavirus-pan-idUSKCN21U0J5/

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