OPEC Keeps 2023 Global Oil-Demand Growth Forecast Steady At 2.4M B/D; Keeps 2024 Global Oil-Demand Growth Forecast At 2.2M B/D
Portfolio Pulse from Charles Gross
OPEC has maintained its 2023 and 2024 global oil-demand growth forecasts at 2.4 million barrels per day (B/D) and 2.2 million B/D respectively, according to the Wall Street Journal.
October 12, 2023 | 11:23 am
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NEUTRAL IMPACT
The United States Oil Fund (USO) could be impacted by OPEC's steady oil-demand growth forecasts for 2023 and 2024.
The United States Oil Fund (USO) is an exchange-traded fund (ETF) that aims to track the price of West Texas Intermediate (WTI) light, sweet crude oil. OPEC's steady oil-demand growth forecasts suggest that the global oil market conditions could remain stable, which could influence the price of WTI crude oil and, consequently, the performance of USO.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75