# Oil Plunges Most Since 1991 After Producers Embark on Price War

> Oil crashed the most in 29 years as Saudi Arabia and Russia vowed to pump more in a battle for market share. The IEA described an unprecedented combination of supply and demand shock as coronavirus drove the first fall in demand since 2009.

- Date: 2020-04-01 · published 2020-04-01T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/54280-oil-plunges-most-since-1991-after-producers-embark-on-price-war
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A simultaneous supply surge and demand collapse points to sustained lower crude prices, which pressures biofuel economics and vegetable oil prices and dampens farm-input energy costs.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2020-03-08 | [Russia–Saudi oil price war begins](https://feedsoft.ai/events/8-russia-saudi-oil-price-war-begins.md) | +0.3% | -1.7% |
| CORN | 2026-03-06 | [U.S. Grain/Oilseed Review: Fears of oil shortage drives up prices \| The Western Producer](https://feedsoft.ai/events/13805-u-s-grain-oilseed-review-fears-of-oil-shortage-drives-up-prices-the-western.md) | +1.2% | +2.2% |
| CORN | 2026-04-01 | [Fertilizer Prices Have ‘Significant’ Rise After Attack on Iran](https://feedsoft.ai/events/5105-fertilizer-prices-have-significant-rise-after-attack-on-iran.md) | -1.7% | +1.5% |
| CORN | 2026-04-01 | [The Iran war’s impacts on global fertilizer markets and food production](https://feedsoft.ai/events/19643-the-iran-war-s-impacts-on-global-fertilizer-markets-and-food-production.md) | -1.7% | +1.5% |
| CORN | 2026-08-31 | [Crop prices record biggest monthly gain since 2012 - TT](https://feedsoft.ai/events/17948-crop-prices-record-biggest-monthly-gain-since-2012-tt.md) | -0.3% | +2.6% |
| PALMOIL | 2020-03-08 | [Oil price war between Saudi, Russia after failed OPEC deal](https://feedsoft.ai/events/54278-oil-price-war-between-saudi-russia-after-failed-opec-deal.md) | -6.5% | -12.1% |
| PALMOIL | 2024-08-30 | [Oil Prices Drop as OPEC+ Considers Increasing Production in October \| OilPrice.com](https://feedsoft.ai/events/28974-oil-prices-drop-as-opec-considers-increasing-production-in-october-oilprice-com.md) | +4.4% | +7.2% |
| PALMOIL | 2026-10-01 | [CPO Futures Extend Losses Amid Weaker Crude Oil Prices](https://feedsoft.ai/events/9799-cpo-futures-extend-losses-amid-weaker-crude-oil-prices.md) | -5.8% | -3.8% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2020-03-08/oil-in-freefall-after-saudis-slash-prices-in-all-out-crude-war

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