Iraqi Oil Minister, Russian Counterpart Spoke On Phone, Affirmed Commitment To OPEC+ Voluntarily Production Cuts
Portfolio Pulse from Happy Mohamed
Iraqi Oil Minister and Russian counterpart spoke on the phone and affirmed their commitment to OPEC+ voluntary production cuts, according to the Iraqi State News Agency.
May 19, 2023 | 1:33 pm
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POSITIVE IMPACT
The reaffirmed commitment to OPEC+ voluntary production cuts by Iraq and Russia may lead to a positive impact on the United States Oil Fund (USO).
The reaffirmed commitment to OPEC+ voluntary production cuts by Iraq and Russia may lead to a reduction in global oil supply, which could result in higher oil prices. This would likely have a positive impact on the United States Oil Fund (USO), as it is designed to track the performance of oil prices.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75