OPEC+, a loose organization of 24 oil producers led by Saudi Arabia and Russia, agreed to cut oil output by 9.7 million barrels per day on Sunday. Goldman Sachs’ analyst, however, is not impressed by the historical output cut agreement, as it leaves the voluntary cuts as too little and too late to avoid breaching storage capacity, ensuring that low oil prices force all producers to contribute to the market rebalancing. Key quote The OPEC+ voluntary cut would only lead to an actual 4.3 million barrels per day reduction in production from the first quarter levels. Inland crude prices (West Texas Intermediate) will decline further in the coming weeks as storage capacity becomes saturated and expect further weakness in WTI time spreads and crude prices in the coming weeks, as already presaged on Friday, with downside risks to our short-term $20/bbl forecast. We expect Brent prices to outperform WTI prices in the coming weeks. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next S&P 500 Futures drop above 1.0%, US Treasury yeilds remain mildly positive amid less active markets FX Street 2 years OPEC+, a loose organization of 24 oil producers led by Saudi Arabia and Russia, agreed to cut oil output by 9.7 million barrels per day on Sunday. Goldman Sachs' analyst, however, is not impressed by the historical output cut agreement, as it leaves the voluntary cuts as too little and too late to avoid breaching storage capacity, ensuring that low oil prices force all producers to contribute to the market rebalancing. Key quote The OPEC+ voluntary cut would only lead to an actual 4.3 million barrels per day reduction in production from the first quarter levels. Inland crude prices (West Texas Intermediate)… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
