# OPEC output cut deal falls apart as Russia resists, sending oil prices into tailspin - The Express Tribune

> Russia's energy minister Alexander Novak was set to return to Vienna for talks on OPEC's proposed deep production cuts. Russia had not endorsed any further curbs, and OPEC officials said negotiations would be difficult.

- Date: 2020-03-06 · published 2020-03-06T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/54052-opec-output-cut-deal-falls-apart-as-russia-resists-sending-oil-prices-into
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The outcome of these talks will determine whether crude supply tightens or expands, which drives energy prices. Uncertainty ahead of the meeting leaves the direction of crude prices unclear.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2020-03-06 | 1 | -10.3% | -5.8 | The OPEC output-cut deal fell apart as Russia resisted, sending oil into a tailspin on March 6. |
| BRENT | 2020-03-09 | 5 | -30.3% | -10.0 | The OPEC cut deal fell apart as Russia resisted, sending oil into a tailspin in the days leading up to the March 9 crash. |
| BRENT | 2020-03-08 | 1 | -12.9% | -5.7 | It covers the collapse of the OPEC cut deal as Russia resisted, which sent prices into a tailspin and set up the price war. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-08-11 | [Opec mulls further output cuts to support oil prices](https://feedsoft.ai/events/57508-opec-mulls-further-output-cuts-to-support-oil-prices.md) | +1.5% | +6.0% |
| BRENT | 2019-05-01 | [Oil prices mixed as talk of extending OPEC cuts faces rising U.S. supply](https://feedsoft.ai/events/59238-oil-prices-mixed-as-talk-of-extending-opec-cuts-faces-rising-u-s-supply.md) | -2.9% | -3.4% |
| BRENT | 2021-12-02 | [Oil prices: OPEC and Russia stick with plans to increase oil output in January \| CNN Business](https://feedsoft.ai/events/43502-oil-prices-opec-and-russia-stick-with-plans-to-increase-oil-output-in-january.md) | +9.7% | +14.1% |
| BRENT | 2021-08-27 | [OPEC stays the course on output hikes as oil prices rebound](https://feedsoft.ai/events/45475-opec-stays-the-course-on-output-hikes-as-oil-prices-rebound.md) | +3.6% | +8.6% |
| BRENT | 2019-04-21 | [Russia Remains Undecided on OPEC Output Deal \| Egypt Oil & Gas](https://feedsoft.ai/events/59507-russia-remains-undecided-on-opec-output-deal-egypt-oil-and-gas.md) | +0.4% | +2.4% |
| WTI | 2019-08-11 | [Opec mulls further output cuts to support oil prices](https://feedsoft.ai/events/57508-opec-mulls-further-output-cuts-to-support-oil-prices.md) | +0.7% | +3.7% |
| WTI | 2019-05-01 | [Oil prices mixed as talk of extending OPEC cuts faces rising U.S. supply](https://feedsoft.ai/events/59238-oil-prices-mixed-as-talk-of-extending-opec-cuts-faces-rising-u-s-supply.md) | -3.8% | -7.6% |
| WTI | 2021-12-02 | [Oil prices: OPEC and Russia stick with plans to increase oil output in January \| CNN Business](https://feedsoft.ai/events/43502-oil-prices-opec-and-russia-stick-with-plans-to-increase-oil-output-in-january.md) | +10.6% | +17.4% |

## Sources

- tribune.newspackstaging.com: https://tribune.newspackstaging.com/2020/03/06/opec-output-cut-deal-falls-apart-russia-resists-sending-oil-prices-tailspin/

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