OPEC Postpones Summit Over Production Disagreements; OPEC's African Nations Disagree on Output Assessment, Sources Say
Portfolio Pulse from Benzinga Newsdesk
OPEC has postponed its summit due to disagreements among its African member nations regarding the assessment of oil output. The organization is facing challenges in reaching a consensus on production levels, which is crucial for global oil supply and pricing.
November 22, 2023 | 2:31 pm
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The United States Oil Fund (USO) may experience volatility due to the postponed OPEC summit and ongoing disagreements over oil production levels among OPEC's African nations.
The United States Oil Fund (USO) tracks the price of crude oil and is sensitive to changes in oil production and global supply. The lack of consensus within OPEC can lead to uncertainty in the oil markets, potentially causing short-term volatility in USO's price. However, without specific details on the disagreements and the potential outcomes, the direction of the impact remains uncertain.
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