# OPEC pricing power limits downside risks to oil prices, Goldman says | Financial Post

> Goldman Sachs expects OPEC's pricing power to limit downside risk to oil prices, forecasting 2.7 million bpd of 2023 demand growth and Brent reaching $105 by Q4. The bank says OPEC could keep or deepen its October cuts if demand softens.

- Date: 2023-01-10 · published 2023-01-10T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/37951-opec-pricing-power-limits-downside-risks-to-oil-prices-goldman-says-financial
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A bullish bank forecast with OPEC support points to higher energy input costs through 2023, although it is an analyst view rather than a supply shock.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-09-20 | [Goldman Sachs Says Oil’s Going Back to $100 as OPEC+ Cuts - Bloomberg](https://feedsoft.ai/events/34275-goldman-sachs-says-oil-s-going-back-to-100-as-opec-cuts-bloomberg.md) | -1.1% | -4.2% |
| BRENT | 2018-04-30 | [Will oil prices be the trigger that wakes the inflation beast? - Financial Post](https://feedsoft.ai/events/65433-will-oil-prices-be-the-trigger-that-wakes-the-inflation-beast-financial-post.md) | -0.2% | +2.0% |
| BRENT | 2020-06-28 | [Research firm expects recovering oil prices to limit ringgit from depreciating \| Malaysiakini](https://feedsoft.ai/events/52884-research-firm-expects-recovering-oil-prices-to-limit-ringgit-from-depreciating.md) | +5.0% | +5.7% |
| BRENT | 2021-11-10 | [Canadian dollar outperforms G10 peers as oil clings to recent gains \| Financial Post](https://feedsoft.ai/events/44267-canadian-dollar-outperforms-g10-peers-as-oil-clings-to-recent-gains-financial.md) | -2.4% | -10.8% |
| BRENT | 2023-07-31 | [Goldman Sachs: China Is The Biggest Driver Of The Oil Price Rally \| OilPrice.com](https://feedsoft.ai/events/35217-goldman-sachs-china-is-the-biggest-driver-of-the-oil-price-rally-oilprice-com.md) | +2.4% | +0.2% |
| WTI | 2022-08-23 | [Canadian dollar snaps losing streak as oil prices jump \| Financial Post](https://feedsoft.ai/events/40272-canadian-dollar-snaps-losing-streak-as-oil-prices-jump-financial-post.md) | +5.3% | -8.4% |
| WTI | 2020-10-08 | [Canadian dollar rallies on higher oil prices, U.S. stimulus hopes \| Financial Post](https://feedsoft.ai/events/50857-canadian-dollar-rallies-on-higher-oil-prices-u-s-stimulus-hopes-financial-post.md) | +2.7% | -2.1% |
| WTI | 2020-12-02 | [Canadian dollar notches a 2-year high on higher oil prices \| Financial Post](https://feedsoft.ai/events/49875-canadian-dollar-notches-a-2-year-high-on-higher-oil-prices-financial-post.md) | +2.4% | +8.4% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/opec-pricing-power-limits-downside-risks-to-oil-prices-goldman-says

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