# Opec has more 'market power' as oil supply concerns return, Goldman Sachs says | The National

> Goldman Sachs says OPEC+ has regained market power as non-OPEC supply growth slows and U.S. shale output lags high prices. The bank expects OPEC+ to probably unwind its production cuts in the second half of 2023 at its June meeting.

- Date: 2023-01-19 · published 2023-01-19T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/37957-opec-has-more-market-power-as-oil-supply-concerns-return-goldman-sachs-says-the
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Tighter supply from OPEC+ would support crude prices and, through diesel and fertilizer costs, raise the cost of producing feed ingredients.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-03-29 | [Oil prices gain on expectation of continued Opec supply curbs in 2018 \| The National](https://feedsoft.ai/events/66167-oil-prices-gain-on-expectation-of-continued-opec-supply-curbs-in-2018-the.md) | -2.0% | +9.1% |
| BRENT | 2017-09-23 | [Opec and Russia say global oil glut halfway cleared \| The National](https://feedsoft.ai/events/68866-opec-and-russia-say-global-oil-glut-halfway-cleared-the-national.md) | -0.4% | +0.5% |
| BRENT | 2017-05-25 | [Supply concerns trigger oil price plunge after OPEC extension \| Offshore Magazine](https://feedsoft.ai/events/71162-supply-concerns-trigger-oil-price-plunge-after-opec-extension-offshore-magazine.md) | -7.0% | -16.6% |
| BRENT | 2019-07-02 | [Opec agrees to extend cuts for nine months amid demand concerns \| The National](https://feedsoft.ai/events/58008-opec-agrees-to-extend-cuts-for-nine-months-amid-demand-concerns-the-national.md) | -0.9% | -3.2% |
| BRENT | 2021-11-04 | [Opec+ to increase output by 400,000 bpd despite US pressure for more oil supply \| The National](https://feedsoft.ai/events/43984-opec-to-increase-output-by-400-000-bpd-despite-us-pressure-for-more-oil-supply.md) | +1.5% | -15.1% |
| WTI | 2018-03-29 | [Oil prices gain on expectation of continued Opec supply curbs in 2018 \| The National](https://feedsoft.ai/events/66167-oil-prices-gain-on-expectation-of-continued-opec-supply-curbs-in-2018-the.md) | -1.2% | +6.0% |
| WTI | 2017-09-23 | [Opec and Russia say global oil glut halfway cleared \| The National](https://feedsoft.ai/events/68866-opec-and-russia-say-global-oil-glut-halfway-cleared-the-national.md) | +2.4% | +2.3% |
| WTI | 2017-05-25 | [Supply concerns trigger oil price plunge after OPEC extension \| Offshore Magazine](https://feedsoft.ai/events/71162-supply-concerns-trigger-oil-price-plunge-after-opec-extension-offshore-magazine.md) | -5.4% | -16.7% |

## Sources

- thenationalnews.com: https://www.thenationalnews.com/business/energy/2023/01/19/opec-has-more-market-power-as-crude-supply-concerns-return-goldman-sachs-says/

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