OPEC Crude Output Rose By 273,000 B/D In September To 27.75M B/D, OPEC Says, Citing Secondary Sources
Portfolio Pulse from Charles Gross
According to secondary sources cited by OPEC, crude output rose by 273,000 barrels per day in September, reaching 27.75 million barrels per day.
October 12, 2023 | 11:18 am
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The increase in OPEC's crude output could potentially impact the United States Oil Fund (USO), which tracks the price of oil.
The United States Oil Fund (USO) tracks the price of oil. An increase in crude output typically leads to a decrease in oil prices due to the supply-demand dynamics. Therefore, the rise in OPEC's crude output could potentially lead to a decrease in the value of USO in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80