Erick Perez, Deputy Oil Minister Says Venezuela Producing 850,000 Barrels Per Day Of Oil
Portfolio Pulse from Benzinga Newsdesk
Venezuela's Deputy Oil Minister Erick Perez announced that the country is currently producing 850,000 barrels of oil per day, according to Reuters.
November 22, 2023 | 3:17 pm
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NEUTRAL IMPACT
The United States Oil Fund (USO) may be impacted by Venezuela's reported oil production of 850,000 barrels per day as it could affect oil prices and market supply.
Venezuela's oil production levels can influence global oil supply and prices, which in turn may affect the performance of oil-related ETFs like USO. However, the impact may be moderate given Venezuela's current market share and the complexity of global oil dynamics.
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IMPORTANCE 60
RELEVANCE 50