EIA Lowers 2023 OPEC Surplus Crude Oil Production Capacity To 3.7M BPD
Portfolio Pulse from Benzinga Newsdesk
The Energy Information Administration (EIA) has reduced its forecast for OPEC's surplus crude oil production capacity in 2023 to 3.7 million barrels per day (BPD), according to Reuters. The United States Oil Fund (USO) may be affected by this news.

November 07, 2023 | 6:12 pm
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NEUTRAL IMPACT
The United States Oil Fund (USO) could be impacted by the EIA's lowered forecast for OPEC's surplus crude oil production capacity in 2023.
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. A decrease in OPEC's surplus crude oil production capacity could potentially lead to higher oil prices, which could in turn impact the performance of USO. However, the exact impact will depend on a variety of factors, including global oil demand and other supply-side factors.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75