Saudi Arabia And Turkey Sign MOU For Cooperation In The Energy Sector; MOU Includes Cooperation In Production, Marketing, And Distribution Of Refined Petroleum Products
Portfolio Pulse from Happy Mohamed
Saudi Arabia and Turkey have signed a Memorandum of Understanding (MOU) for cooperation in the energy sector. The MOU includes cooperation in production, marketing, and distribution of refined petroleum products.
July 18, 2023 | 3:10 pm
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NEUTRAL IMPACT
The MOU between Saudi Arabia and Turkey could potentially influence the global oil market, which may impact the United States Oil Fund (USO).
The MOU could lead to changes in the production, marketing, and distribution of refined petroleum products. This could influence global oil prices and, in turn, impact the United States Oil Fund (USO), which tracks the price of West Texas Intermediate light, sweet crude oil.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The MOU between Saudi Arabia and Turkey could potentially boost the energy sector in Turkey, which may positively impact the iShares MSCI Turkey ETF (TUR).
The MOU signifies a strengthening of ties between Saudi Arabia and Turkey in the energy sector. This could lead to increased investment and growth in the sector, which would likely benefit the iShares MSCI Turkey ETF (TUR), as it includes companies from the energy sector.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70