OPEC Says, Saudi Arabia Crude Output Fell By 968,000 In July To 9.02M Barrels/Day; OPEC Crude Output Fell By 836,000 Barrels/Day In July To 27.31M Barrels/Day
Portfolio Pulse from Happy Mohamed
According to OPEC, Saudi Arabia's crude output fell by 968,000 barrels/day in July to 9.02 million barrels/day. OPEC's overall crude output also decreased by 836,000 barrels/day in July to 27.31 million barrels/day.
August 10, 2023 | 12:17 pm
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NEGATIVE IMPACT
The United States Oil Fund (USO) could be directly impacted by the decrease in crude output as it tracks the price of West Texas Intermediate light, sweet crude oil.
The USO ETF tracks the price of West Texas Intermediate light, sweet crude oil. A decrease in crude output could potentially lead to an increase in oil prices, which could impact the performance of the USO ETF.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 80
NEUTRAL IMPACT
The decrease in crude output could potentially impact the SPY ETF, which has exposure to energy sector stocks.
The SPY ETF has exposure to energy sector stocks, which could be impacted by changes in crude output. However, the extent of the impact would depend on various other factors, including the overall market conditions and specific company performances.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50