# OPEC and allies agree to historic 10 million barrel per day oil cut

> OPEC and allies agreed a historic 10 million barrel per day cut, though the deal stalled when Mexico refused its share. OPEC said the cut would run at 10 million bpd in May and June, tapering to 8 million for the rest of 2020.

- Date: 2020-04-09 · published 2020-04-09T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/53545-opec-and-allies-agree-to-historic-10-million-barrel-per-day-oil-cut
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The headline cut tightens supply against a pandemic demand collapse, but the Mexico dispute left the deal uncertain, so price support remains conditional.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-12-07 | [OPEC and non-OPEC nations agree on 1.2M barrel per day production cut - UPI.com](https://feedsoft.ai/events/61457-opec-and-non-opec-nations-agree-on-1-2m-barrel-per-day-production-cut-upi-com.md) | +2.2% | -2.9% |
| BRENT | 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) | -7.2% | +3.3% |
| BRENT | 2020-04-02 | [Trump says he spoke to Putin, MBS and expects a 10 million barrel cut](https://feedsoft.ai/events/5489-trump-says-he-spoke-to-putin-mbs-and-expects-a-10-million-barrel-cut.md) | +49.5% | +11.2% |
| 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% |
| BRENT | 2018-12-01 | [Oman Oil Minister: Majority of OPEC and its Allies Support Cut](https://feedsoft.ai/events/61943-oman-oil-minister-majority-of-opec-and-its-allies-support-cut.md) | +6.0% | -10.4% |
| WTI | 2018-12-07 | [OPEC and non-OPEC nations agree on 1.2M barrel per day production cut - UPI.com](https://feedsoft.ai/events/61457-opec-and-non-opec-nations-agree-on-1-2m-barrel-per-day-production-cut-upi-com.md) | +2.2% | -6.2% |
| 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% |
| WTI | 2020-04-02 | [Trump says he spoke to Putin, MBS and expects a 10 million barrel cut](https://feedsoft.ai/events/5489-trump-says-he-spoke-to-putin-mbs-and-expects-a-10-million-barrel-cut.md) | +23.3% | -2.7% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/04/09/oil-jumps-ahead-of-make-or-break-opec-meeting.html

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