Russia's Deputy Pm Novak Says Russia Will Extend Reduction Of Oil Exports Until The End Of The Year; Says Russia Will Extend Additional Voluntary Reduction In Oil Supplies To World Markets By 300,000 Bpd Until End Of Dec 2023
Portfolio Pulse from Happy Mohamed
Russia's Deputy Prime Minister Novak has announced that Russia will extend the reduction of oil exports until the end of the year. Additionally, Russia will extend a voluntary reduction in oil supplies to world markets by 300,000 barrels per day until the end of December 2023.
September 05, 2023 | 1:09 pm
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NEGATIVE IMPACT
The reduction in oil exports from Russia may impact the energy sector within the SPY ETF, potentially leading to a decrease in value.
The SPY ETF includes companies from the energy sector. A reduction in oil exports from Russia could lead to higher oil prices, which could negatively impact these companies and therefore the ETF's value.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The reduction in oil exports from Russia may impact the energy sector within the VGK ETF, potentially leading to a decrease in value.
The VGK ETF includes companies from the energy sector. A reduction in oil exports from Russia could lead to higher oil prices, which could negatively impact these companies and therefore the ETF's value.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70