# As Virus Spreads, Saudis Consider Steep Cuts - Mansfield Energy

> Oil prices are in a steep sell-off, with crude and diesel down nearly 30% year to date as the virus spreads outside China. OPEC is expected to meet in March, and Saudi Arabia is reportedly considering deeper supply cuts than the 600,000 barrels a day already proposed, while Russia has not committed.

- Date: 2020-02-28 · published 2020-02-28T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/9360-as-virus-spreads-saudis-consider-steep-cuts-mansfield-energy
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Possible deeper OPEC+ cuts could tighten crude and diesel supply and partly offset coronavirus demand losses, so energy costs for feed producers may stabilize if the cuts are approved.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-02-01 | [Oil Prices Rise As Saudis Pledge Deeper Cuts](https://feedsoft.ai/events/61264-oil-prices-rise-as-saudis-pledge-deeper-cuts.md) | -2.1% | +6.3% |
| WTI | 2023-07-05 | [Saudi energy minister says Riyadh-Moscow oil cuts showed unity with Russia](https://feedsoft.ai/events/34946-saudi-energy-minister-says-riyadh-moscow-oil-cuts-showed-unity-with-russia.md) | +7.3% | +16.7% |
| WTI | 2019-09-09 | [Oil Rises as New Saudi Minister Signals OPEC+ Cuts to Continue - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/57248-oil-rises-as-new-saudi-minister-signals-opec-cuts-to-continue-energy-news-top.md) | -3.0% | -6.5% |
| WTI | 2023-03-14 | [OPEC+ to stick to production cut, Saudi minister tells Energy Intelligence](https://feedsoft.ai/events/36768-opec-to-stick-to-production-cut-saudi-minister-tells-energy-intelligence.md) | -9.5% | +9.1% |
| WTI | 2023-03-14 | [Q&A: Saudi Energy Minister Highlights Oil Market Risks \| Energy Intelligence](https://feedsoft.ai/events/36773-q-and-a-saudi-energy-minister-highlights-oil-market-risks-energy-intelligence.md) | -9.5% | +9.1% |
| BRENT | 2019-02-01 | [Oil Prices Rise As Saudis Pledge Deeper Cuts](https://feedsoft.ai/events/61264-oil-prices-rise-as-saudis-pledge-deeper-cuts.md) | -1.4% | +5.4% |
| BRENT | 2023-07-05 | [Saudi energy minister says Riyadh-Moscow oil cuts showed unity with Russia](https://feedsoft.ai/events/34946-saudi-energy-minister-says-riyadh-moscow-oil-cuts-showed-unity-with-russia.md) | +5.3% | +12.8% |
| BRENT | 2019-09-09 | [Oil Rises as New Saudi Minister Signals OPEC+ Cuts to Continue - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/57248-oil-rises-as-new-saudi-minister-signals-opec-cuts-to-continue-energy-news-top.md) | -1.1% | -4.3% |

## Sources

- mansfield.energy: https://mansfield.energy/2020/02/28/as-virus-spreads-saudis-consider-steep-cuts/
- octaafrica.net: https://www.octaafrica.net/markets/news/view/800526/

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