# Oil Leaps on Potential Global Output Cuts, Though Doubts Persist - Bloomberg

> Oil posted a record weekly jump on hopes that global producers would agree historic output cuts at a meeting the following week. Optimism was tempered by concern that the cuts would not prevent a supply glut. Saudi Arabia was set to hold a members' video conference on Monday.

- Date: 2020-04-02 · published 2020-04-02T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/5488-oil-leaps-on-potential-global-output-cuts-though-doubts-persist-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expectations of large output cuts support crude prices, which feed into energy and input costs for feed. Doubts about whether cuts will offset weak demand limit the sustainability of the rally.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2020-04-05 | 5 | +72.7% | 7.0 | Record weekly jump on hopes of historic output cuts at the following week's meeting, directly describing the weekly move. |
| BRENT | 2020-04-06 | 5 | +40.0% | 4.8 | Record weekly jump on hopes of historic output cuts at the next week's meeting directly reflects the move. |
| BRENT | 2020-04-07 | 5 | +44.4% | 4.9 | Record weekly jump on hopes of historic output cuts at a following-week meeting, sustaining the rally. |
| BRENT | 2020-04-02 | 1 | +35.2% | 5.0 | Notes record jump on hopes of historic output cuts at an upcoming meeting, reinforcing the supply-cut expectation driver. |
| WTI | 2020-04-02 | 1 | +19.9% | 3.1 | Covers the record jump on hopes of an OPEC+ output cut meeting and the Saudi video conference, reinforcing the supply-cut sentiment. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-03-12 | [Brent Oil Tops $100 as Persian Gulf Disruption Hits Global Supply - Bloomberg](https://feedsoft.ai/events/8158-brent-oil-tops-100-as-persian-gulf-disruption-hits-global-supply-bloomberg.md) | +10.6% | +13.9% |
| WTI | 2020-05-16 | [OPEC+ Supply Cuts: Latest Oil Market News on Output Status - Bloomberg](https://feedsoft.ai/events/53027-opec-supply-cuts-latest-oil-market-news-on-output-status-bloomberg.md) | +13.5% | +26.0% |
| WTI | 2016-12-02 | [Global LNG prices hit 2016 high as OPEC agrees oil output cut](https://feedsoft.ai/events/73632-global-lng-prices-hit-2016-high-as-opec-agrees-oil-output-cut.md) | -0.5% | +5.2% |
| WTI | 2020-11-01 | [Oil Climbs With Russia in Talks on Delaying OPEC+ Output Hike - Bloomberg](https://feedsoft.ai/events/50319-oil-climbs-with-russia-in-talks-on-delaying-opec-output-hike-bloomberg.md) | +3.7% | +26.8% |
| WTI | 2023-02-10 | [OPEC+ Won’t Increase Oil Production Despite Russia Output Cut, Delegates Say - Bloomberg](https://feedsoft.ai/events/37221-opec-won-t-increase-oil-production-despite-russia-output-cut-delegates-say.md) | +0.5% | -1.9% |
| BRENT | 2026-03-12 | [Brent Oil Tops $100 as Persian Gulf Disruption Hits Global Supply - Bloomberg](https://feedsoft.ai/events/8158-brent-oil-tops-100-as-persian-gulf-disruption-hits-global-supply-bloomberg.md) | +23.1% | +16.8% |
| BRENT | 2020-05-16 | [OPEC+ Supply Cuts: Latest Oil Market News on Output Status - Bloomberg](https://feedsoft.ai/events/53027-opec-supply-cuts-latest-oil-market-news-on-output-status-bloomberg.md) | +8.6% | +24.8% |
| BRENT | 2016-12-02 | [Global LNG prices hit 2016 high as OPEC agrees oil output cut](https://feedsoft.ai/events/73632-global-lng-prices-hit-2016-high-as-opec-agrees-oil-output-cut.md) | +2.7% | +8.1% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2020-04-02/oil-pauses-near-25-after-trump-output-deal-causes-record-surge

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