# Oil prices are plunging as Russians and Saudis rethink output caps

> US crude settled at $67.88 after falling about 4% on Friday as Russian and Saudi energy ministers discussed gradually easing the production cuts that have held about 1.8 million barrels a day off the market since January 2017. The talks were framed around falling Venezuelan output and expected Iranian export disruption from renewed US sanctions. WTI had earlier peaked at $72.83, its highest since November 2014.

- Date: 2018-05-25 · published 2018-05-25T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/64937-oil-prices-are-plunging-as-russians-and-saudis-rethink-output-caps
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Expected OPEC+ supply increases push crude lower, which weakens the energy-cost floor under biofuel feedstocks and the palm and soy oil complex. Lower diesel and fertilizer costs also ease input pressure for feed producers.

## Read by commodity

- WTI: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-12-02 | [Oil Plunges 4.8% as Russia Is Said to Propose OPEC+ Output Hike - Bloomberg](https://feedsoft.ai/events/6306-oil-plunges-4-8-as-russia-is-said-to-propose-opec-output-hike-bloomberg.md) | +10.6% | +17.4% |
| WTI | 2025-06-02 | [Behind OPEC+ oil output hike, Saudi-Russian tensions simmer](https://feedsoft.ai/events/24126-behind-opec-oil-output-hike-saudi-russian-tensions-simmer.md) | +6.2% | +7.6% |
| WTI | 2024-09-26 | [Crude oil prices today: WTI falls as Saudi committed to higher output](https://feedsoft.ai/events/28481-crude-oil-prices-today-wti-falls-as-saudi-committed-to-higher-output.md) | +0.5% | +1.4% |
| WTI | 2022-03-09 | [Oil prices fall most in 2 years as UAE supports output hike \| Reuters](https://feedsoft.ai/events/5776-oil-prices-fall-most-in-2-years-as-uae-supports-output-hike-reuters.md) | -22.0% | -17.5% |
| WTI | 2026-08-01 | [Oil Prices Are Falling, but OPEC Plus Pledges to Pump More](https://feedsoft.ai/events/18252-oil-prices-are-falling-but-opec-plus-pledges-to-pump-more.md) | -7.5% | -1.7% |

## Sources

- cnbc.com: https://www.cnbc.com/2018/05/25/oil-prices-are-plunging-as-russians-and-saudis-rethink-output-caps.html

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