OPEC Crude Output Rose By 113,000 B/D In August To 27.45M; Iran Crude Output Rose by 143,000 B/D, in August to 8.97 Mln B/D, OPEC Says
Portfolio Pulse from Bill Haddad
OPEC's crude output increased by 113,000 barrels per day (B/D) in August, reaching 27.45 million B/D. Iran's crude output also rose by 143,000 B/D to 8.97 million B/D, according to OPEC citing secondary sources.
September 12, 2023 | 12:17 pm
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The increase in OPEC's crude output could potentially impact the United States Oil Fund (USO), which tracks the price of oil.
The United States Oil Fund (USO) tracks the price of oil. An increase in OPEC's crude output could lead to a surplus in oil supply, potentially causing oil prices to drop. This could negatively impact USO's performance in the short term.
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