Saudi Arabia Will Extend Voluntary Oil Cut Of 1M BPD For Another Month To Include September
Portfolio Pulse from Benzinga Newsdesk
Saudi Arabia has decided to extend its voluntary oil cut of 1 million barrels per day (BPD) for another month, including September, according to the state news agency.
August 04, 2023 | 1:22 pm
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The extension of Saudi Arabia's voluntary oil cut could potentially impact the United States Oil Fund (USO), as it may lead to a rise in oil prices.
Saudi Arabia's decision to extend its voluntary oil cut of 1M BPD for another month could lead to a decrease in global oil supply, potentially driving up oil prices. As USO's value is tied to the price of oil, this could positively impact the fund's performance in the short term.
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