Russia's Novak Says Russia And Saudi Arabia Have Not Discussed Scenario Of Actions Within Opec+ In Case Of Further Escalation In Middle East
Portfolio Pulse from Benzinga Newsdesk
Russia's Energy Minister, Novak, has stated that Russia and Saudi Arabia have not discussed any action plan within OPEC+ in case of further escalation in the Middle East, according to Reuters citing IFAX.
October 11, 2023 | 2:26 pm
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POSITIVE IMPACT
The USO ETF, which tracks oil prices, could be significantly impacted by any escalation in the Middle East and the lack of a contingency plan within OPEC+.
USO tracks oil prices, which are often affected by geopolitical events in the Middle East. Any escalation could lead to a spike in oil prices, potentially benefiting USO.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The lack of a contingency plan within OPEC+ for further Middle East escalation could lead to uncertainty for EIS, an ETF focused on Israeli stocks.
As EIS is an ETF focused on Israeli stocks, any escalation in the Middle East could negatively impact the ETF. The lack of a contingency plan within OPEC+ adds to this uncertainty.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The SPY ETF, which tracks the S&P 500, could be indirectly affected by the potential escalation in the Middle East and the lack of a contingency plan within OPEC+.
While SPY is not directly linked to the Middle East, any major geopolitical event can cause market volatility, potentially affecting the ETF.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
The VGK ETF, which tracks European stocks, could be indirectly affected by the potential escalation in the Middle East and the lack of a contingency plan within OPEC+.
While VGK is not directly linked to the Middle East, any major geopolitical event can cause market volatility, potentially affecting the ETF.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50