Russia's Novak Says Russia Maintains Its Oil Production Forecast For 2023 At 515M Tonnes
Portfolio Pulse from Happy Mohamed
Russia's Energy Minister Alexander Novak has stated that Russia maintains its oil production forecast for 2023 at 515 million tonnes, according to Reuters citing Tass.
July 13, 2023 | 1:52 pm
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POSITIVE IMPACT
The news may have a neutral to positive impact on USO as it is an ETF that tracks the price of oil.
USO is an ETF that tracks the price of oil. The news that Russia is maintaining its oil production forecast could be seen as a sign of stability in the oil market, which could have a positive impact on USO.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
The news may have a neutral impact on SPY as it is a broad-based ETF and not directly linked to Russian oil production.
SPY is a broad-based ETF that tracks the S&P 500. While energy stocks are part of the S&P 500, the impact of Russian oil production on the overall index is likely to be limited.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 30
NEUTRAL IMPACT
The news may have a neutral impact on VGK as it is a broad-based ETF that tracks European stocks and is not directly linked to Russian oil production.
VGK is a broad-based ETF that tracks European stocks. While energy stocks are part of the index, the impact of Russian oil production on the overall index is likely to be limited.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 30