Goldman And Others Sees Rising Odds Of Another OPEC+ Output Cut

If it was Russia’s intention to send oil tumbling after its oil minister last week said that OPEC+ has no intentions of cutting production, in the process inviting another round of shorts and bearish CTAs, well… mission accomplished: on Wednesday oil tumbled more than 3% following the latest dismal Chinese PMI data, and followed a 4.4% drop on Tuesday the black gold is now on pace for its worst month since November 2021.