Russia's Novak Says Companies Will Decide For Themselves Whether To Cut Oil Production In August, But Russia's Task Is To Reduce Supplies To World Markets
Portfolio Pulse from Happy Mohamed
Russia's Energy Minister, Alexander Novak, has stated that companies will decide for themselves whether to cut oil production in August. However, he emphasized that Russia's task is to reduce supplies to world markets.
July 13, 2023 | 1:17 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
The news may have a negative impact on USO as it tracks the performance of oil. Any reduction in oil supplies by Russia could lead to a decrease in oil prices.
USO tracks the performance of oil. If Russia reduces oil supplies, it could lead to a decrease in oil prices, negatively impacting USO.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The news may have a neutral impact on SPY as it tracks a broad market index and is not directly tied to oil prices or Russian policy.
SPY is a broad market ETF and its performance is not directly tied to oil prices or Russian policy. Therefore, the impact of this news on SPY is expected to be neutral.
CONFIDENCE 80
IMPORTANCE 20
RELEVANCE 20
NEUTRAL IMPACT
The news may have a neutral impact on VGK as it tracks the performance of European stocks and is not directly tied to oil prices or Russian policy.
VGK is a European stock ETF and its performance is not directly tied to oil prices or Russian policy. Therefore, the impact of this news on VGK is expected to be neutral.
CONFIDENCE 80
IMPORTANCE 20
RELEVANCE 20