# OPEC Meetings Now on Critical Path | Rigzone

> Jefferies says the OPEC+ meetings on March 5 and 6 are now critical, and that cuts of at least 1 million barrels per day for the second quarter are needed rather than the 600,000 bpd recommended by the technical committee. Brent's two-week backwardation collapsed into contango as flat prices fell sharply. Rystad and the EIA have also cut their 2020 Brent forecasts.

- Date: 2020-02-28 · published 2020-02-28T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/54747-opec-meetings-now-on-critical-path-rigzone
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Expectations of deeper OPEC+ cuts support crude prices, but weakening demand from coronavirus and a shift to contango signal a bearish near-term balance. Lower crude weakens the energy-linked cost of biofuel feedstocks and can pressure vegetable oil prices.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2020-02-28 | 5 | -13.0% | -4.1 | Brent's curve collapsed into contango and forecasts were cut, while OPEC+ cuts were seen as needed, showing weak physical and demand outlook. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-11-23 | [Oil slips 1% on concerns over delayed OPEC+ meeting By Reuters](https://feedsoft.ai/events/33339-oil-slips-1-on-concerns-over-delayed-opec-meeting-by-reuters.md) | +1.4% | -1.8% |
| BRENT | 2025-11-28 | [Oil falls on drawn-out Ukraine peace talks, all eyes on upcoming OPEC+ meeting \| Reuters](https://feedsoft.ai/events/22135-oil-falls-on-drawn-out-ukraine-peace-talks-all-eyes-on-upcoming-opec-meeting.md) | +0.1% | -2.4% |
| BRENT | 2026-05-29 | [Oil Settles at Six-Week Low \| Rigzone](https://feedsoft.ai/events/19428-oil-settles-at-six-week-low-rigzone.md) | +2.5% | -21.2% |
| BRENT | 2026-07-01 | [Rupiah rises after US-Iran deal, market now focuses on domestic fiscal](https://feedsoft.ai/events/19107-rupiah-rises-after-us-iran-deal-market-now-focuses-on-domestic-fiscal.md) | +1.1% | +42.2% |
| BRENT | 2020-07-15 | [OPEC+ to boost oil production next month \| OPEC \| Al Jazeera](https://feedsoft.ai/events/52003-opec-to-boost-oil-production-next-month-opec-al-jazeera.md) | +3.2% | +2.7% |
| WTI | 2023-11-23 | [Oil slips 1% on concerns over delayed OPEC+ meeting By Reuters](https://feedsoft.ai/events/33339-oil-slips-1-on-concerns-over-delayed-opec-meeting-by-reuters.md) | -1.5% | -4.2% |
| WTI | 2025-11-28 | [Oil falls on drawn-out Ukraine peace talks, all eyes on upcoming OPEC+ meeting \| Reuters](https://feedsoft.ai/events/22135-oil-falls-on-drawn-out-ukraine-peace-talks-all-eyes-on-upcoming-opec-meeting.md) | +1.7% | -3.6% |
| WTI | 2026-05-29 | [Oil Settles at Six-Week Low \| Rigzone](https://feedsoft.ai/events/19428-oil-settles-at-six-week-low-rigzone.md) | +4.6% | -23.5% |

## Sources

- rigzone.com: https://www.rigzone.com/news/opec_meetings_now_on_critical_path-28-feb-2020-161235-article/

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