# Russia-Saudi Oil Alliance Under Pressure as Moscow Rejects Production Cuts - The Moscow Times

> Russia rejected a new round of oil production cuts proposed in response to coronavirus, and OPEC+ talks failed on Friday. Novak said no member was now obliged to lower output from April 1, and the meeting was adjourned.

- Date: 2020-03-06 · published 2020-03-06T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/54055-russia-saudi-oil-alliance-under-pressure-as-moscow-rejects-production-cuts-the
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Removing the obligation to cut output from April raises the risk of a supply glut as demand contracts, which pressures crude prices. The breakdown also threatens the Russia-Saudi alliance that has steadied the market.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2020-03-06 | 1 | -10.3% | -5.8 | Russia rejected deeper OPEC+ cuts on March 6 and the talks failed, removing the supply-restraint framework and triggering the WTI selloff that day. |
| BRENT | 2020-03-08 | 1 | -12.9% | -5.7 | Russia rejected the cuts and Novak said no member was obliged to lower output from April 1, a direct supply shock that fed the crude selloff. |
| BRENT | 2020-03-09 | 5 | -30.3% | -10.0 | Russia rejected new production cuts and said no member was obliged to cut from April 1, removing supply discipline and weighing on crude. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-07-15 | [OPEC and allies to ease cuts, allow more oil production \| AP News](https://feedsoft.ai/events/52002-opec-and-allies-to-ease-cuts-allow-more-oil-production-ap-news.md) | +3.2% | +2.7% |
| BRENT | 2026-05-03 | [OPEC+ countries, including Saudi Arabia and Russia, to boost oil production \| AP News](https://feedsoft.ai/events/19149-opec-countries-including-saudi-arabia-and-russia-to-boost-oil-production-ap-news.md) | -9.5% | -14.6% |
| BRENT | 2019-09-18 | [Oil prices: Saudi Arabia pledges to restore production after drone attacks](https://feedsoft.ai/events/57237-oil-prices-saudi-arabia-pledges-to-restore-production-after-drone-attacks.md) | -2.2% | -9.4% |
| BRENT | 2018-11-26 | [Saudi Arabia pumps record amount of oil as Trump piles on pressure \| Reuters](https://feedsoft.ai/events/61947-saudi-arabia-pumps-record-amount-of-oil-as-trump-piles-on-pressure-reuters.md) | -0.1% | -9.2% |
| BRENT | 2020-07-16 | [OPEC+ to ease production cuts in August \| Oil & Gas Journal](https://feedsoft.ai/events/52005-opec-to-ease-production-cuts-in-august-oil-and-gas-journal.md) | +0.6% | +3.2% |
| WTI | 2020-07-15 | [OPEC and allies to ease cuts, allow more oil production \| AP News](https://feedsoft.ai/events/52002-opec-and-allies-to-ease-cuts-allow-more-oil-production-ap-news.md) | +3.8% | +3.1% |
| WTI | 2019-09-18 | [Oil prices: Saudi Arabia pledges to restore production after drone attacks](https://feedsoft.ai/events/57237-oil-prices-saudi-arabia-pledges-to-restore-production-after-drone-attacks.md) | -3.4% | -10.9% |
| WTI | 2018-11-26 | [Saudi Arabia pumps record amount of oil as Trump piles on pressure \| Reuters](https://feedsoft.ai/events/61947-saudi-arabia-pumps-record-amount-of-oil-as-trump-piles-on-pressure-reuters.md) | -4.2% | -14.3% |

## Sources

- themoscowtimes.com: https://www.themoscowtimes.com/2020/03/06/russia-rejects-opec-saudi-arabias-coronavirus-oil-production-cut-a69553

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