Saudi Arabia To Extend Voluntary Cut Of 1M Barrels/Day For Another Month To Include August
Portfolio Pulse from Charles Gross
Saudi Arabia has decided to extend its voluntary cut of 1 million barrels per day for another month, including August, according to Reuters citing the state news agency.
July 03, 2023 | 9:24 am
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POSITIVE IMPACT
The extension of Saudi Arabia's voluntary cut could potentially increase the price of oil, which may positively impact the United States Oil Fund (USO).
Saudi Arabia's decision to extend its voluntary cut of oil production could lead to a decrease in supply, potentially increasing oil prices. As USO's value is tied to the price of oil, this could have a positive impact on the fund.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80