Iran's Crude Oil Exports Exceeded 1.5M Barrels/Day In May, Highest Monthly Rate Since 2018; Crude Oil Output Is At 3M Barrels/Day In June
Portfolio Pulse from Benzinga Newsdesk
Iran's crude oil exports reached over 1.5 million barrels per day in May, the highest monthly rate since 2018, with crude oil output at 3 million barrels per day in June, according to Reuters citing Kpler data.
June 16, 2023 | 1:15 pm
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Iran's crude oil exports and output surge may impact the United States Oil Fund (USO) in the short term.
Iran's increased crude oil exports and output may lead to a higher global oil supply, potentially putting downward pressure on oil prices. As USO tracks the daily price movements of West Texas Intermediate (WTI) crude oil, a decline in oil prices may negatively impact USO's performance in the short term.
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