Saudi Minister Says Wait Until We See Real Numbers In Market Tightness
Portfolio Pulse from Benzinga Newsdesk
Saudi Arabia's Energy Minister has urged caution, stating that it is necessary to wait until real numbers are seen in market tightness before making any decisions. The statement comes amid rising oil prices and speculation about potential changes in production levels.
September 18, 2023 | 3:48 pm
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NEUTRAL IMPACT
The United States Oil Fund (USO) could be impacted by the Saudi Minister's statement. As the fund's value is tied to the price of oil, any changes in production levels or market tightness could affect its performance.
The Saudi Minister's statement indicates a cautious approach to changes in oil production, which could affect oil prices and, by extension, the performance of the USO. However, without specific numbers or decisions, the impact remains uncertain.
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