# Russia drags its feet on deeper oil output cuts sought by OPEC+ | Coronavirus pandemic | Al Jazeera

> A technical committee of OPEC and its allies recommended a provisional 600,000 bpd output cut in response to coronavirus demand losses. Russia had not yet given its final position and asked for more time for consultations. Saudi Arabia needs about $80 per barrel to balance its budget, while Russia needs about $42.

- Date: 2020-02-06 · published 2020-02-06T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/54531-russia-drags-its-feet-on-deeper-oil-output-cuts-sought-by-opec-coronavirus
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Uncertainty over Russia's participation weakens the case for deeper cuts, which leaves crude prices exposed to coronavirus demand weakness and affects fuel costs in feed supply chains.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-12-03 | [OPEC, Russia to nudge up oil output after hit from pandemic \| The Seattle Times](https://feedsoft.ai/events/49559-opec-russia-to-nudge-up-oil-output-after-hit-from-pandemic-the-seattle-times.md) | +0.5% | +7.0% |
| WTI | 2020-02-02 | [OPEC+ technical panel to meet Feb 4-5 to discuss coronavirus impact: sources](https://feedsoft.ai/events/54530-opec-technical-panel-to-meet-feb-4-5-to-discuss-coronavirus-impact-sources.md) | -2.4% | -9.3% |
| WTI | 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) | -1.1% | -1.9% |
| WTI | 2020-03-06 | [OPEC output cut deal falls apart as Russia resists, sending oil prices into tailspin - The Express Tribune](https://feedsoft.ai/events/54052-opec-output-cut-deal-falls-apart-as-russia-resists-sending-oil-prices-into.md) | -31.3% | -45.0% |
| WTI | 2025-01-29 | [Kazakhstan to decide on oil output cuts after OPEC+ meeting \| Reuters](https://feedsoft.ai/events/26426-kazakhstan-to-decide-on-oil-output-cuts-after-opec-meeting-reuters.md) | -1.5% | -7.1% |
| BRENT | 2020-12-03 | [OPEC, Russia to nudge up oil output after hit from pandemic \| The Seattle Times](https://feedsoft.ai/events/49559-opec-russia-to-nudge-up-oil-output-after-hit-from-pandemic-the-seattle-times.md) | +1.7% | +7.3% |
| BRENT | 2020-02-02 | [OPEC+ technical panel to meet Feb 4-5 to discuss coronavirus impact: sources](https://feedsoft.ai/events/54530-opec-technical-panel-to-meet-feb-4-5-to-discuss-coronavirus-impact-sources.md) | -6.0% | -12.2% |
| 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% |

## Sources

- aljazeera.com: https://www.aljazeera.com/economy/2020/2/6/russia-drags-its-feet-on-deeper-oil-output-cuts-sought-by-opec

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