OPEC July Oil Output Falls By 840,000 Barrels/Day From June To 27.34M Barrels/Day Due To Saudi Voluntary Cut, Nigeria Outage
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According to a Reuters survey, OPEC's oil output in July fell by 840,000 barrels per day from June to 27.34 million barrels per day. This decrease is attributed to a voluntary cut by Saudi Arabia and an outage in Nigeria.
July 31, 2023 | 2:47 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) may be impacted by the decrease in OPEC's oil output. The voluntary cut by Saudi Arabia and the outage in Nigeria could potentially affect oil prices and, consequently, USO's performance.
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. Therefore, any significant changes in oil production, such as the decrease in OPEC's output, could potentially affect the price of oil and, consequently, the performance of USO.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80