# Oil market needs deeper OPEC cuts to rebalance – Goldman Sachs — Octa

> Goldman Sachs cut its three-month WTI forecast to $47.50 a barrel from $55, arguing that OPEC needs deeper output cuts to rebalance the market. The bank said unexpected rebounds in exempt countries could offset expected third-quarter inventory declines. Goldman warned OPEC's current approach has cut too little to reassure markets.

- Date: 2017-06-29 · published 2017-06-29T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/70657-oil-market-needs-deeper-opec-cuts-to-rebalance-goldman-sachs-octa
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A lower crude price outlook reduces energy input costs and weakens the economics of ethanol and biodiesel, which can ease support for corn, soybean oil and related feed co-products. Continued OPEC uncertainty keeps energy-linked commodities volatile.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-04-27 | [Oil market has absorbed surprise production cut by OPEC+](https://feedsoft.ai/events/36572-oil-market-has-absorbed-surprise-production-cut-by-opec.md) | -7.7% | +0.1% |
| WTI | 2020-01-27 | [Stocks and Oil Drop, Gold Rises As Wuhan Coronavirus Spreads - Markets Insider](https://feedsoft.ai/events/4514-stocks-and-oil-drop-gold-rises-as-wuhan-coronavirus-spreads-markets-insider.md) | -4.7% | -5.1% |
| WTI | 2020-08-20 | [Oil falls on OPEC+ oversupply, US jobless data - Markets - Business Recorder](https://feedsoft.ai/events/51783-oil-falls-on-opec-oversupply-us-jobless-data-markets-business-recorder.md) | +0.8% | -4.5% |
| WTI | 2017-04-24 | [Rival storylines duel in the global oil market \| The National](https://feedsoft.ai/events/71672-rival-storylines-duel-in-the-global-oil-market-the-national.md) | -0.6% | +1.4% |
| WTI | 2023-03-07 | [Oil and Gold Prices Slump As Powell Signals Further Rate Hikes to Come - Markets Insider](https://feedsoft.ai/events/36780-oil-and-gold-prices-slump-as-powell-signals-further-rate-hikes-to-come-markets.md) | -7.1% | -0.0% |
| BRENT | 2023-04-27 | [Oil market has absorbed surprise production cut by OPEC+](https://feedsoft.ai/events/36572-oil-market-has-absorbed-surprise-production-cut-by-opec.md) | -7.4% | -0.3% |
| BRENT | 2020-01-27 | [Stocks and Oil Drop, Gold Rises As Wuhan Coronavirus Spreads - Markets Insider](https://feedsoft.ai/events/4514-stocks-and-oil-drop-gold-rises-as-wuhan-coronavirus-spreads-markets-insider.md) | -3.4% | -2.4% |
| BRENT | 2020-08-20 | [Oil falls on OPEC+ oversupply, US jobless data - Markets - Business Recorder](https://feedsoft.ai/events/51783-oil-falls-on-opec-oversupply-us-jobless-data-markets-business-recorder.md) | +0.9% | -7.9% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/459259/

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