# Oil price war between Saudi, Russia after failed OPEC deal

> Oil prices fell sharply on March 8-9, 2020 after OPEC+ talks collapsed and Saudi Arabia slashed its official crude prices for buyers, apparently in retaliation for Russia's refusal to cut output. Brent traded near $33.79 and WTI near $30.72, with crude down almost 50% year to date.

- Date: 2020-03-08 · published 2020-03-08T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/54278-oil-price-war-between-saudi-russia-after-failed-opec-deal
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Saudi Arabia's price cuts and the threat of unconstrained output from the end of March pressure energy prices lower, which weakens biofuel margins and vegetable oil demand and pressures feed-related commodity values.

## Read by commodity

- SBO: bearish ▼
- WTI: bearish ▼
- BRENT: bearish ▼
- PALMOIL: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-03-08 | 1 | -12.9% | -5.7 | It describes the Saudi price cuts and the oil price war after the failed OPEC deal, with Brent falling sharply on March 8-9. |
| BRENT | 2020-03-09 | 5 | -30.3% | -10.0 | Oil fell sharply on March 8-9 as Saudi Arabia slashed official prices in retaliation for Russia's refusal, with Brent near $33.79. |
| SBO | 2020-03-11 | 5 | -10.1% | -4.4 | The OPEC+ collapse and Saudi price war drove crude sharply lower, lowering soyoil's biofuel value and driving the weekly decline. |
| PALMOIL | 2020-03-11 | 5 | -8.7% | -3.4 | The collapse of OPEC+ talks and Saudi price cuts triggered the crude sell-off that dragged palm lower on March 8-9. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-03-30 | [Oil falls amid Saudi Arabia-Russia price war, coronavirus hits demand](https://feedsoft.ai/events/5322-oil-falls-amid-saudi-arabia-russia-price-war-coronavirus-hits-demand.md) | +21.9% | -26.3% |
| BRENT | 2020-04-06 | [Oil falls after Saudi Arabia, Russia delay meeting, Cushing stockpiles soar \| Reuters](https://feedsoft.ai/events/53814-oil-falls-after-saudi-arabia-russia-delay-meeting-cushing-stockpiles-soar.md) | -12.0% | -18.2% |
| BRENT | 2020-03-09 | [Oil crash: why Saudi Arabia has started a global crude price war](https://feedsoft.ai/events/54286-oil-crash-why-saudi-arabia-has-started-a-global-crude-price-war.md) | -27.3% | -36.6% |
| BRENT | 2026-05-06 | [Brent Crude Price: Oil and gas plunge after report US and Iran near deal to end war](https://feedsoft.ai/events/9582-brent-crude-price-oil-and-gas-plunge-after-report-us-and-iran-near-deal-to-end.md) | -2.3% | -11.1% |
| BRENT | 2025-08-05 | [Oil prices fall as OPEC+ output hikes counter Russia disruption concerns \| Reuters](https://feedsoft.ai/events/23233-oil-prices-fall-as-opec-output-hikes-counter-russia-disruption-concerns-reuters.md) | -3.1% | -2.2% |
| WTI | 2020-03-30 | [Oil falls amid Saudi Arabia-Russia price war, coronavirus hits demand](https://feedsoft.ai/events/5322-oil-falls-amid-saudi-arabia-russia-price-war-coronavirus-hits-demand.md) | +64.1% | -28.3% |
| WTI | 2020-04-06 | [Oil falls after Saudi Arabia, Russia delay meeting, Cushing stockpiles soar \| Reuters](https://feedsoft.ai/events/53814-oil-falls-after-saudi-arabia-russia-delay-meeting-cushing-stockpiles-soar.md) | -21.1% | -13.4% |
| WTI | 2020-03-09 | [Oil crash: why Saudi Arabia has started a global crude price war](https://feedsoft.ai/events/54286-oil-crash-why-saudi-arabia-has-started-a-global-crude-price-war.md) | -23.0% | -31.2% |

## Sources

- cnbc.com: https://www.cnbc.com/2020/03/08/opec-deal-collapse-sparks-price-war-20-oil-in-2020-is-coming.html

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