How OPEC will act in 2023

Goldman Sachs analysts provided a report with their suggestions about the Organization of the Petroleum Exporting Countries (OPEC) actions in 2023.

According to the study, an increase in global oil demand of 2.7 million barrels per day in the second half of the year might push the market back into the deficit. Regarding this, OPEC will probably be forced to cancel the measures taken in the fall to reduce oil production.

However, analysts also noted that if demand is weaker than expected, the October cuts might not be canceled. It cannot be denied that OPEC has a significant impact on the energy source prices, and it may continue to follow the chosen strategy.

Goldman Sachs specialists also highlighted the fact that for the first time in a while OPEC began to successfully act on the future in the previous year.