OPEC+ Draft Statement: Angola Target To Be At 1.11M Barrels/Day, Congo 0.277M Barrels/Day, Nigeria 1.5M Barrels/Day
Portfolio Pulse from Benzinga Newsdesk
OPEC+ has set production targets for Angola at 1.11 million barrels per day, Congo at 0.277 million barrels per day, and Nigeria at 1.5 million barrels per day, according to a draft statement reported by Reuters.
November 30, 2023 | 3:33 pm
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NEUTRAL IMPACT
The United States Oil Fund (USO) may be impacted by OPEC+'s new production targets as they could influence global oil supply and prices.
The United States Oil Fund (USO) tracks the daily price movements of West Texas Intermediate light, sweet crude oil. OPEC+'s production targets are a key determinant of global oil supply, which in turn can affect oil prices. However, the exact impact on USO will depend on how these targets compare to current production levels, market expectations, and other global events influencing the oil market.
CONFIDENCE 75
IMPORTANCE 60
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