# The Commodities Feed: More OPEC+ cuts coming | snaps | ING THINK

> The OPEC+ Joint Technical Committee recommended deepening cuts by 600,000 bbl/d to 2.7 million bbl/d through June and extending current cuts to year-end. Russia has not yet agreed, and any deal needs ministerial approval. CNOOC also declared force majeure on some LNG cargoes due to the coronavirus outbreak.

- Date: 2020-02-07 · published 2020-02-07T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/54748-the-commodities-feed-more-opec-cuts-coming-snaps-ing-think
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Natural Gas](https://feedsoft.ai/c/NATGAS.md)

## Why it matters

Production cuts under consideration are seen as sufficient to offset coronavirus demand loss, which supports crude prices while uncertainty remains. The LNG force majeure adds pressure on Asian gas markets, which feeds into energy costs for feed processors.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- NATGAS: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-10-16 | [The Commodities Feed: Oil market remains nervous \| articles \| ING THINK](https://feedsoft.ai/events/33615-the-commodities-feed-oil-market-remains-nervous-articles-ing-think.md) | +0.4% | -10.9% |
| BRENT | 2025-02-20 | [The Commodities Feed: EU agrees on another Russian sanctions package \| articles \| ING THINK](https://feedsoft.ai/events/26238-the-commodities-feed-eu-agrees-on-another-russian-sanctions-package-articles.md) | -4.2% | -6.3% |
| BRENT | 2023-08-07 | [The Commodities Feed: Russia-Ukraine tensions add to oil supply risks \| articles \| ING THINK](https://feedsoft.ai/events/34496-the-commodities-feed-russia-ukraine-tensions-add-to-oil-supply-risks-articles.md) | +0.6% | +2.8% |
| BRENT | 2019-01-03 | [OPEC is cutting more oil than it planned, says former Aramco executive](https://feedsoft.ai/events/60997-opec-is-cutting-more-oil-than-it-planned-says-former-aramco-executive.md) | +10.9% | +13.4% |
| BRENT | 2026-02-28 | [What the Iran attack means for oil, fertilizer and ag commodities - Pro Farmer](https://feedsoft.ai/events/20635-what-the-iran-attack-means-for-oil-fertilizer-and-ag-commodities-pro-farmer.md) | +31.0% | +62.6% |
| WTI | 2023-10-16 | [The Commodities Feed: Oil market remains nervous \| articles \| ING THINK](https://feedsoft.ai/events/33615-the-commodities-feed-oil-market-remains-nervous-articles-ing-think.md) | +1.5% | -12.6% |
| WTI | 2025-02-20 | [The Commodities Feed: EU agrees on another Russian sanctions package \| articles \| ING THINK](https://feedsoft.ai/events/26238-the-commodities-feed-eu-agrees-on-another-russian-sanctions-package-articles.md) | -5.1% | -7.1% |
| WTI | 2023-08-07 | [The Commodities Feed: Russia-Ukraine tensions add to oil supply risks \| articles \| ING THINK](https://feedsoft.ai/events/34496-the-commodities-feed-russia-ukraine-tensions-add-to-oil-supply-risks-articles.md) | +0.5% | +3.3% |

## Sources

- think.ing.com: https://think.ing.com/snaps/the-commodities-feed-more-opec-cuts-coming/

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