# Arab News | China virus forces OPEC to weigh up extension to oil output cuts

> OPEC sources said the group wants to extend current oil output cuts until at least June, with deeper reductions possible if China's oil demand is significantly hit by the new coronavirus. Brent traded below $60 after hitting a three-month low of $58.50 on Monday.

- Date: 2020-01-28 · published 2020-01-28T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/54971-arab-news-china-virus-forces-opec-to-weigh-up-extension-to-oil-output-cuts
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A deeper or extended OPEC+ cut would tighten crude supply and could offset weaker demand from China, supporting oil prices that feed into diesel and energy costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-02-27 | [OPEC+ to consider extending voluntary oil output cuts, sources say](https://feedsoft.ai/events/31834-opec-to-consider-extending-voluntary-oil-output-cuts-sources-say.md) | +1.5% | +5.2% |
| WTI | 2019-03-01 | [oil: Oil rises on OPEC supply cuts, but surging US output and economic slowdown weigh - The Economic Times](https://feedsoft.ai/events/60280-oil-oil-rises-on-opec-supply-cuts-but-surging-us-output-and-economic-slowdown.md) | -1.0% | +3.6% |
| WTI | 2022-03-31 | [Arab News \| OPEC+ sticks to current oil output plan despite consumers’ pressures](https://feedsoft.ai/events/42179-arab-news-opec-sticks-to-current-oil-output-plan-despite-consumers-pressures.md) | -10.6% | -2.2% |
| WTI | 2020-06-08 | [Oil prices top $40 as OPEC+ extends production cuts \| Fox Business](https://feedsoft.ai/events/52796-oil-prices-top-40-as-opec-extends-production-cuts-fox-business.md) | -8.3% | +2.6% |
| WTI | 2023-02-10 | [Russia announces cut to oil output over Western price caps \| AP News](https://feedsoft.ai/events/37493-russia-announces-cut-to-oil-output-over-western-price-caps-ap-news.md) | +0.5% | -1.9% |
| BRENT | 2024-02-27 | [OPEC+ to consider extending voluntary oil output cuts, sources say](https://feedsoft.ai/events/31834-opec-to-consider-extending-voluntary-oil-output-cuts-sources-say.md) | +1.7% | +3.8% |
| BRENT | 2019-03-01 | [oil: Oil rises on OPEC supply cuts, but surging US output and economic slowdown weigh - The Economic Times](https://feedsoft.ai/events/60280-oil-oil-rises-on-opec-supply-cuts-but-surging-us-output-and-economic-slowdown.md) | +0.0% | +2.2% |
| BRENT | 2022-03-31 | [Arab News \| OPEC+ sticks to current oil output plan despite consumers’ pressures](https://feedsoft.ai/events/42179-arab-news-opec-sticks-to-current-oil-output-plan-despite-consumers-pressures.md) | -11.9% | -6.8% |

## Sources

- arabnews.com: https://www.arabnews.com/business/china-virus-forces-opec-to-weigh-up-extension-to-oil-output-cuts-1619631
- octaafrica.net: https://www.octaafrica.net/markets/news/view/792580/

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