OPEC's Quota-Bound Members Comply With 137% Of All Pledged Cuts In May Vs. 194% In April
Portfolio Pulse from Happy Mohamed
OPEC's quota-bound members complied with 137% of all pledged cuts in May, down from 194% in April, according to a Reuters survey. This indicates a decrease in production cuts, potentially affecting oil prices and related ETFs like USO.

May 31, 2023 | 2:11 pm
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The decrease in OPEC's compliance with pledged production cuts may lead to a potential impact on oil prices and the United States Oil Fund (USO).
The decrease in compliance with pledged cuts indicates that OPEC members are producing more oil than previously agreed upon. This could lead to an increase in oil supply, potentially affecting oil prices. As USO is an ETF that tracks the performance of oil, its value may be impacted by changes in oil prices. However, the exact impact on USO's price is uncertain due to other factors influencing oil prices and market sentiment.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80