OPEC September Oil Output Rose By 120,000 B/D Vs August To 27.73M B/D On Higher Nigerian And Iranian Output
Portfolio Pulse from Charles Gross
According to a Reuters survey, OPEC's oil output in September increased by 120,000 barrels per day (B/D) compared to August, reaching 27.73 million B/D. This rise is attributed to higher output from Nigeria and Iran.
October 02, 2023 | 10:03 am
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The increase in OPEC's oil output could potentially impact the United States Oil Fund (USO), which is a commodity ETF that tracks the price of oil.
The United States Oil Fund (USO) tracks the price of oil. An increase in oil output from OPEC could lead to a surplus in the market, potentially driving down the price of oil. This could negatively impact the performance of USO in the short term.
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