Russia Unlikely To Cut Oil Output In August As It Needs More Oil At Home Due To Higher Gasoline Demand; Still Plans To Cut Oil Exports In August, Baseline For Cut Unclear
Portfolio Pulse from Charles Gross
Russia is unlikely to cut oil output in August due to increased domestic gasoline demand. However, it still plans to reduce oil exports in August, although the baseline for the cut is unclear.
July 07, 2023 | 10:26 am
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NEUTRAL IMPACT
The United States Oil Fund (USO) could be impacted by Russia's decision to maintain oil output and reduce exports, as this could affect global oil prices.
Russia's decision to maintain its oil output could potentially stabilize global oil prices, which would impact the value of USO. However, the decision to reduce exports could create some uncertainty in the market, potentially leading to price volatility.
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RELEVANCE 75