Kuwait Isn't Requesting OPEC+ Quota Increase Says Minister; Kuwait Oil Output Capacity Will Be 3.2M Barrels/Day By End-24
Portfolio Pulse from Happy Mohamed
Kuwait's Oil Minister has stated that the country is not requesting an increase in its OPEC+ quota. By the end of 2024, Kuwait's oil output capacity is expected to reach 3.2 million barrels per day.
July 05, 2023 | 4:49 pm
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NEUTRAL IMPACT
The news about Kuwait's oil output capacity and its OPEC+ quota could impact the United States Oil Fund (USO), which tracks the price of oil.
Kuwait's decision not to request an increase in its OPEC+ quota and its projected oil output capacity could influence global oil supply and thus oil prices. As USO tracks the price of oil, any significant changes in global oil supply could impact the ETF's performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 75