Saudi Crude Production Fell By 502K B/D To 9.96M B/D In May
Portfolio Pulse from Charles Gross
Saudi Arabia's crude oil production fell by 502,000 barrels per day to 9.96 million barrels per day in May, according to Reuters citing the International Energy Forum (IEF).
July 17, 2023 | 10:23 am
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The United States Oil Fund (USO) could be impacted by the decrease in Saudi Arabia's crude oil production as it may lead to a rise in global oil prices.
The United States Oil Fund (USO) is an exchange-traded fund (ETF) that aims to track the price of West Texas Intermediate (WTI) light, sweet crude oil. A decrease in Saudi Arabia's crude oil production could lead to a tightening of global oil supply, which may in turn lead to a rise in oil prices. This could potentially benefit USO as it could lead to an increase in the price of WTI crude oil, which USO aims to track.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75