# Oil Soars on Trump’s Contentious Saudi-Russia Output Cuts Claim - Bloomberg

> Oil prices soared after U.S. President Donald Trump said Saudi Arabia and Russia would make major output cuts. Trump said he had spoken with Saudi Crown Prince Mohammed bin Salman about the market, though the reported cut size was not specified as a daily figure.

- Date: 2020-04-01 · published 2020-04-01T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/9202-oil-soars-on-trump-s-contentious-saudi-russia-output-cuts-claim-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected large supply cuts from major producers tighten crude availability and lift energy prices. Higher crude raises the cost of diesel, fertilizer and biofuel feedstocks, which supports vegetable oil and feed ingredient prices.

## 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 | Oil soared on Trump's Saudi-Russia output cut claim, contributing to the rebound. |
| BRENT | 2020-04-06 | 5 | +40.0% | 4.8 | Prices soared on Trump's claim of Saudi-Russia cuts, contributing to sentiment-driven rally. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-10-04 | [Saudi Arabia, Russia to continue voluntary oil cuts \| Reuters](https://feedsoft.ai/events/33520-saudi-arabia-russia-to-continue-voluntary-oil-cuts-reuters.md) | -3.7% | -8.8% |
| WTI | 2021-01-05 | [Saudis Take Charge of Oil Market With Surprise Output Cut - Bloomberg](https://feedsoft.ai/events/49055-saudis-take-charge-of-oil-market-with-surprise-output-cut-bloomberg.md) | +9.8% | +15.2% |
| WTI | 2023-12-01 | [OPEC+ meeting: Russia and Saudi Arabia extend oil output cuts \| Euronews](https://feedsoft.ai/events/32491-opec-meeting-russia-and-saudi-arabia-extend-oil-output-cuts-euronews.md) | -8.8% | -5.2% |
| WTI | 2019-01-09 | [Oil prices surge on Saudi output cuts, US-China trade talks](https://feedsoft.ai/events/11166-oil-prices-surge-on-saudi-output-cuts-us-china-trade-talks.md) | +4.5% | +8.1% |
| WTI | 2023-09-05 | [Saudi Arabia, Russia extend oil production cuts to end of year](https://feedsoft.ai/events/34026-saudi-arabia-russia-extend-oil-production-cuts-to-end-of-year.md) | +2.1% | +3.8% |
| BRENT | 2023-10-04 | [Saudi Arabia, Russia to continue voluntary oil cuts \| Reuters](https://feedsoft.ai/events/33520-saudi-arabia-russia-to-continue-voluntary-oil-cuts-reuters.md) | -3.8% | -6.0% |
| BRENT | 2021-01-05 | [Saudis Take Charge of Oil Market With Surprise Output Cut - Bloomberg](https://feedsoft.ai/events/49055-saudis-take-charge-of-oil-market-with-surprise-output-cut-bloomberg.md) | +8.9% | +11.2% |
| BRENT | 2023-12-01 | [OPEC+ meeting: Russia and Saudi Arabia extend oil output cuts \| Euronews](https://feedsoft.ai/events/32491-opec-meeting-russia-and-saudi-arabia-extend-oil-output-cuts-euronews.md) | -9.9% | -6.0% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2020-04-01/oil-stabilizes-on-glimmer-of-hope-for-price-war-breakthrough

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