Measure Is In Addition To Voluntary Reduction Previously Announced By Russia In April 2023, Will Last Until End Of Dec 2024 Says Additional Voluntary Reduction Of Oil Supplies For Export Is Aimed At Strengthening Precautionary Measures Taken By OPEC+
Portfolio Pulse from Happy Mohamed
Russia's Deputy PM Novak announced an additional voluntary reduction of oil supplies for export, which will last until the end of December 2024. This measure is aimed at strengthening precautionary measures taken by OPEC+.
September 05, 2023 | 1:11 pm
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POSITIVE IMPACT
The reduction in oil supplies from Russia may lead to an increase in oil prices, potentially benefiting the USO ETF.
The USO ETF tracks the price of oil. A reduction in oil supplies from Russia could lead to an increase in oil prices, which would likely benefit the ETF.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 80
NEGATIVE IMPACT
The reduction in oil supplies from Russia may impact the overall market, potentially causing a decrease in energy stocks within the SPY ETF.
The SPY ETF includes energy stocks, which may be negatively impacted by the reduction in oil supplies from Russia. This could potentially lead to a decrease in the ETF's value.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
NEGATIVE IMPACT
The reduction in oil supplies from Russia may impact European markets, potentially causing a decrease in the VGK ETF.
The VGK ETF tracks European stocks, which may be negatively impacted by the reduction in oil supplies from Russia. This could potentially lead to a decrease in the ETF's value.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70