# Oil News: OPEC+ Deal to Cut Production Reached, Price War Ends - Bloomberg

> After a week of bilateral calls and ministerial video conferences, OPEC+ and the G20 reached an unprecedented agreement to cut production. The deal has lifted oil prices from near 20-year lows.

- Date: 2020-04-12 · published 2020-04-12T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/53541-oil-news-opec-deal-to-cut-production-reached-price-war-ends-bloomberg
- 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

Ending the Saudi-Russia price war removes a major source of downside pressure on energy prices, which feeds into biofuel economics and soybean oil and corn demand for ethanol.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 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) | -6.7% | +8.6% |
| BRENT | 2018-11-30 | [OPEC Advisory Committee Said to Recommend Oil Production Cut - Bloomberg](https://feedsoft.ai/events/61942-opec-advisory-committee-said-to-recommend-oil-production-cut-bloomberg.md) | +0.1% | -12.8% |
| BRENT | 2023-02-10 | [OPEC+ Won’t Increase Oil Production Despite Russia Output Cut, Delegates Say - Bloomberg](https://feedsoft.ai/events/37221-opec-won-t-increase-oil-production-despite-russia-output-cut-delegates-say.md) | +0.6% | -3.2% |
| BRENT | 2020-06-08 | [Oil prices top $40 as OPEC+ extends production cuts \| Fox Business](https://feedsoft.ai/events/52796-oil-prices-top-40-as-opec-extends-production-cuts-fox-business.md) | -7.2% | +3.3% |
| BRENT | 2020-05-01 | [OPEC+ Moves To End Price War With 9.7 Million B/D Cut](https://feedsoft.ai/events/53032-opec-moves-to-end-price-war-with-9-7-million-b-d-cut.md) | +24.9% | +62.4% |
| 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 | 2018-11-30 | [OPEC Advisory Committee Said to Recommend Oil Production Cut - Bloomberg](https://feedsoft.ai/events/61942-opec-advisory-committee-said-to-recommend-oil-production-cut-bloomberg.md) | +0.1% | -12.1% |
| WTI | 2023-02-10 | [OPEC+ Won’t Increase Oil Production Despite Russia Output Cut, Delegates Say - Bloomberg](https://feedsoft.ai/events/37221-opec-won-t-increase-oil-production-despite-russia-output-cut-delegates-say.md) | +0.5% | -1.9% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2020-04-12/oil-price-war-ends-with-historic-opec-deal-to-cut-production

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