# Goldman Sachs raises Brent oil price forecasts after OPEC+ output cuts

> Goldman Sachs raised its Brent crude price forecasts following OPEC+ output cuts. Reporting also noted talk of a possible US diesel export ban, which deepened the discount of US crude futures to the global benchmark.

- Date: 2023-04-02 · published 2023-04-02T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7952-goldman-sachs-raises-brent-oil-price-forecasts-after-opec-output-cuts
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

A higher Brent forecast signals firmer energy costs for feed producers, while a possible diesel export ban could tighten global diesel supply and push up fuel prices. The widening WTI discount reflects regional supply pressure.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2023-04-03 | 1 | +8.4% | 4.0 | Goldman's higher Brent forecasts after the cuts reinforced bullish sentiment, and the diesel export ban talk added minor spread effects. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-10-04 | [Opec+ sticks to current output policy after oil price rally \| The National](https://feedsoft.ai/events/33522-opec-sticks-to-current-output-policy-after-oil-price-rally-the-national.md) | -3.8% | -6.0% |
| BRENT | 2023-04-02 | [Oil prices surge after surprise move to cut output](https://feedsoft.ai/events/7947-oil-prices-surge-after-surprise-move-to-cut-output.md) | +7.4% | +1.0% |
| BRENT | 2023-04-03 | [Oil prices notch biggest gain in nearly a year after OPEC's surprise output cut](https://feedsoft.ai/events/7951-oil-prices-notch-biggest-gain-in-nearly-a-year-after-opec-s-surprise-output-cut.md) | +7.4% | +1.0% |
| BRENT | 2022-08-26 | [Oil prices rise on signals OPEC might cut output](https://feedsoft.ai/events/40228-oil-prices-rise-on-signals-opec-might-cut-output.md) | -6.8% | -8.7% |
| BRENT | 2023-05-01 | [OPEC+ announces surprise oil output cuts](https://feedsoft.ai/events/36320-opec-announces-surprise-oil-output-cuts.md) | -6.0% | -4.7% |
| WTI | 2019-08-11 | [Opec mulls further output cuts to support oil prices](https://feedsoft.ai/events/57508-opec-mulls-further-output-cuts-to-support-oil-prices.md) | +0.7% | +3.7% |
| WTI | 2025-01-29 | [Kazakhstan to decide on oil output cuts after OPEC+ meeting \| Reuters](https://feedsoft.ai/events/26426-kazakhstan-to-decide-on-oil-output-cuts-after-opec-meeting-reuters.md) | -1.5% | -7.1% |
| WTI | 2023-11-30 | [OPEC+ agrees to voluntary oil output cuts - Business & Finance - Business Recorder](https://feedsoft.ai/events/33089-opec-agrees-to-voluntary-oil-output-cuts-business-and-finance-business-recorder.md) | -11.0% | -7.4% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/goldman-sachs-raises-brent-oil-price-forecasts-after-opecs-surprise-output-cuts-2023-04-02/

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