OPEC Keeps 2024 Non-OPEC Supply-Growth Forecast Steady At 1.4M B/D; Raises 2023 Non-OPEC Supply-Growth Forecast By 100,000 B/D To 1.6M B/D
Portfolio Pulse from Bill Haddad
OPEC has maintained its 2024 non-OPEC supply-growth forecast at 1.4 million barrels per day (B/D), while increasing its 2023 non-OPEC supply-growth forecast by 100,000 B/D to 1.6 million B/D.
September 12, 2023 | 12:18 pm
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NEUTRAL IMPACT
The United States Oil Fund (USO) could be impacted by OPEC's decision to keep its 2024 non-OPEC supply-growth forecast steady and increase its 2023 forecast. This could influence global oil prices and thus USO's performance.
OPEC's decisions can significantly influence global oil prices. As USO's performance is tied to the price of oil, any changes in OPEC's supply forecasts could potentially impact USO. However, the exact impact will depend on a variety of factors, including market reactions and other global events.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75