# OPEC overdelivers on oil cuts but coronavirus fears complicate outlook: Platts survey

> A Platts survey shows OPEC crude output fell by 470,000 b/d in January to 29.08 million b/d, a four-month low. Saudi output matched its pledge, and Libyan output dropped to an 18-month low due to a blockade. Coronavirus fears are pressuring OPEC to consider further cuts.

- Date: 2020-02-07 · published 2020-02-07T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/54752-opec-overdelivers-on-oil-cuts-but-coronavirus-fears-complicate-outlook-platts
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Lower OPEC supply tightens the crude balance, but weaker demand from the coronavirus offsets the effect. Net price direction is mixed for energy markets.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-07-01 | [OPEC July oil output hits 2018 peak, but outages weigh: Reuters survey - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/63957-opec-july-oil-output-hits-2018-peak-but-outages-weigh-reuters-survey-energy.md) | -0.3% | -4.5% |
| WTI | 2024-01-03 | [OPEC’s Crude Oil Output Steady in December Before New Supply Cuts - Bloomberg](https://feedsoft.ai/events/32039-opec-s-crude-oil-output-steady-in-december-before-new-supply-cuts-bloomberg.md) | +2.6% | +7.9% |
| WTI | 2017-08-10 | [OPEC Boosts Oil-Demand Outlook While Its Production Rises - Bloomberg](https://feedsoft.ai/events/69362-opec-boosts-oil-demand-outlook-while-its-production-rises-bloomberg.md) | -5.6% | -1.0% |
| WTI | 2024-12-12 | [Oil settles flat; markets weigh IEA surplus forecast, rate cut optimism \| Reuters](https://feedsoft.ai/events/27118-oil-settles-flat-markets-weigh-iea-surplus-forecast-rate-cut-optimism-reuters.md) | +0.4% | +9.3% |
| WTI | 2025-12-11 | [OPEC data indicate close oil supply-demand balance in 2026, no glut \| Reuters](https://feedsoft.ai/events/21425-opec-data-indicate-close-oil-supply-demand-balance-in-2026-no-glut-reuters.md) | -4.4% | +0.7% |
| BRENT | 2018-07-01 | [OPEC July oil output hits 2018 peak, but outages weigh: Reuters survey - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/63957-opec-july-oil-output-hits-2018-peak-but-outages-weigh-reuters-survey-energy.md) | -3.1% | -4.9% |
| BRENT | 2024-01-03 | [OPEC’s Crude Oil Output Steady in December Before New Supply Cuts - Bloomberg](https://feedsoft.ai/events/32039-opec-s-crude-oil-output-steady-in-december-before-new-supply-cuts-bloomberg.md) | +2.3% | +9.8% |
| BRENT | 2018-01-03 | [OPEC Holds Production Steady as Compliance Exceeds Promised Cuts - Bloomberg](https://feedsoft.ai/events/66897-opec-holds-production-steady-as-compliance-exceeds-promised-cuts-bloomberg.md) | +3.5% | +2.7% |

## Sources

- spglobal.com: https://www.spglobal.com/commodity-insights/en/news-research/latest-news/crude-oil/020720-opec-overdelivers-on-oil-cuts-but-coronavirus-fears-complicate-outlook-platts-survey

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