# Record deal to cut oil output ends price war - BBC News

> OPEC+ producers and allies agreed a record deal to cut global output by about 10% after pandemic lockdowns slashed demand. The deal was agreed by video conference, with 9.7 million bpd to be cut, and Brent and WTI rose over 3% and 6% in early Asian trade.

- Date: 2020-04-12 · published 2020-04-12T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/53543-record-deal-to-cut-oil-output-ends-price-war-bbc-news
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The record cut and G20 backing tighten crude supply, lifting energy prices and supporting biofuel feedstock values for soybean oil and corn ethanol margins.

## Read by commodity

- SBO: bullish ▲
- 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 | 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 | 2020-04-09 | [Saudi Arabia and Russia end their oil-price war with output cut agreement](https://feedsoft.ai/events/53548-saudi-arabia-and-russia-end-their-oil-price-war-with-output-cut-agreement.md) | -20.7% | -1.1% |
| WTI | 2022-12-23 | [Oil rises $3/bbl after Russia signals output cut due to price cap](https://feedsoft.ai/events/38393-oil-rises-3-bbl-after-russia-signals-output-cut-due-to-price-cap.md) | +3.3% | +3.0% |
| WTI | 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) | +23.8% | +86.1% |
| SBO | 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) | -4.1% | -4.3% |
| SBO | 2020-04-03 | [Oil surges more than 13% on hopes of output deal](https://feedsoft.ai/events/5487-oil-surges-more-than-13-on-hopes-of-output-deal.md) | +4.5% | -0.4% |
| SBO | 2026-03-30 | [Biofuel Demand, Iran Conflict Push Soybean Oil Prices Toward New Peak - Bloomberg](https://feedsoft.ai/events/20195-biofuel-demand-iran-conflict-push-soybean-oil-prices-toward-new-peak-bloomberg.md) | +4.8% | +6.2% |

## Sources

- bbc.com: http://bbc.com/news/business-52264546
- bbc.co.uk: https://www.bbc.co.uk/news/business-52264546

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