Russian Deputy Pm Novak Says Russia Will Be Reducing Oil Exports Until Year-End By 300,000 Barrels/Day From Average Level Seen In May-June
Portfolio Pulse from Benzinga Newsdesk
Russia's Deputy Prime Minister Novak has announced that the country will be reducing its oil exports by 300,000 barrels per day from the average level seen in May-June until the end of the year.
September 20, 2023 | 3:41 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) could be directly impacted by Russia's decision to reduce oil exports, as it could lead to a rise in global oil prices.
USO is an ETF that tracks the price of oil. Therefore, any significant changes in global oil supply, such as Russia's announced reduction in exports, could directly impact the price of this ETF.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
The reduction in oil exports from Russia may impact global oil prices, potentially affecting the broader market and ETFs like SPY.
While SPY is not directly linked to oil prices, it represents a broad market index that can be influenced by significant changes in commodity prices. However, the impact is likely to be indirect and moderate.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
The Vanguard FTSE Europe ETF (VGK) could be indirectly impacted by Russia's decision to reduce oil exports, as it could affect European economies dependent on Russian oil.
VGK tracks the performance of the FTSE Developed Europe Index. If Russia's reduction in oil exports leads to higher oil prices, it could negatively impact European economies that are dependent on Russian oil, and consequently, the performance of VGK.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 70