OPEC May Oil Output Falls By 460,000 Barrels/Day From April To 28.01M Barrels/Day After Saudi Arabia And Others Pledge Voluntary Cuts
Portfolio Pulse from Happy Mohamed
OPEC's oil output in May fell by 460,000 barrels/day from April to 28.01 million barrels/day, following voluntary cuts by Saudi Arabia and other members, according to a Reuters survey.
May 31, 2023 | 2:10 pm
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The United States Oil Fund (USO) may be impacted by OPEC's oil output reduction in May, as it could lead to higher oil prices.
OPEC's decision to reduce oil output in May could lead to higher oil prices, as lower supply often results in increased prices. This may positively impact the United States Oil Fund (USO), which tracks the performance of oil prices.
CONFIDENCE 80
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RELEVANCE 75