Saudi Energy Minister Said Fresh Cuts Prove Wrong Cynical Spectators of Russia-Saudi Relations
Portfolio Pulse from Charles Gross
Saudi Energy Minister has stated that the recent cuts in oil production prove wrong the cynical spectators of Russia-Saudi relations. This statement comes in the wake of the OPEC+ agreement to cut oil production to stabilize prices.
July 05, 2023 | 9:02 am
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POSITIVE IMPACT
The USO ETF, which tracks oil prices, is likely to be directly impacted by the oil production cuts.
The USO ETF directly tracks oil prices. Therefore, any changes in oil production, which can affect oil prices, are likely to have a direct impact on this ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
The SPY ETF, which tracks the S&P 500, may be impacted by the oil production cuts as energy companies form a significant part of the index.
The SPY ETF tracks the S&P 500, which includes a number of energy companies. Changes in oil production can impact these companies, and therefore the ETF. However, the ETF also includes many other sectors, so the overall impact may be diluted.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
The VGK ETF, which tracks European stocks, may be indirectly impacted by the oil production cuts due to Europe's reliance on Russian oil.
The VGK ETF tracks European stocks. Europe is a major consumer of Russian oil, so changes in oil production can impact the European economy and therefore this ETF. However, the impact may be indirect and diluted by other factors.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 60