# OPEC reportedly agrees on massive oil supply; awaits Russia's approval

> OPEC recommended a 1.5 million barrel per day production cut through the second quarter, with 1 million bpd from OPEC and 0.5 million bpd from non-OPEC allies. The cut was conditional on Russia's approval, and the group set a review for June 9.

- Date: 2020-03-05 · published 2020-03-05T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/54050-opec-reportedly-agrees-on-massive-oil-supply-awaits-russia-s-approval
- 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 at a time when virus-driven demand losses were projected to be severe, supporting oil prices. Lower oil prices also feed through to biofuel economics and feedstock demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-09-05 | [OPEC+ agrees to make token supply cut to steady oil market](https://feedsoft.ai/events/39516-opec-agrees-to-make-token-supply-cut-to-steady-oil-market.md) | -0.9% | -5.0% |
| BRENT | 2019-06-29 | [Russia agrees with Saudi Arabia to extend OPEC+ oil output deal - Reuters](https://feedsoft.ai/events/58525-russia-agrees-with-saudi-arabia-to-extend-opec-oil-output-deal-reuters.md) | -4.2% | -6.1% |
| BRENT | 2022-12-04 | [OPEC+ agrees to maintain oil production targets](https://feedsoft.ai/events/38140-opec-agrees-to-maintain-oil-production-targets.md) | -11.4% | -5.6% |
| BRENT | 2020-06-06 | [OPEC and Russia Agree to Extend Oil Production Cuts - The New York Times](https://feedsoft.ai/events/52508-opec-and-russia-agree-to-extend-oil-production-cuts-the-new-york-times.md) | -7.2% | +3.3% |
| BRENT | 2023-08-31 | [Russia promises to unveil new OPEC+ supply cut deal next week \| Reuters](https://feedsoft.ai/events/34493-russia-promises-to-unveil-new-opec-supply-cut-deal-next-week-reuters.md) | +5.7% | +12.3% |
| WTI | 2022-09-05 | [OPEC+ agrees to make token supply cut to steady oil market](https://feedsoft.ai/events/39516-opec-agrees-to-make-token-supply-cut-to-steady-oil-market.md) | +1.0% | -3.7% |
| WTI | 2019-06-29 | [Russia agrees with Saudi Arabia to extend OPEC+ oil output deal - Reuters](https://feedsoft.ai/events/58525-russia-agrees-with-saudi-arabia-to-extend-opec-oil-output-deal-reuters.md) | -1.4% | -2.5% |
| WTI | 2022-12-04 | [OPEC+ agrees to maintain oil production targets](https://feedsoft.ai/events/38140-opec-agrees-to-maintain-oil-production-targets.md) | -11.1% | -3.8% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/03/05/opec-meets-to-decide-whether-to-cut-output-as-coronavirus-hits-demand.html

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