United States Energy Information Administration Expects OPEC+ Crude Oil Production To Decline By 600,000 Barrels/Day In 2024
Portfolio Pulse from Benzinga Newsdesk
The U.S. Energy Information Administration forecasts a decline in OPEC+ crude oil production by 600,000 barrels per day in 2024. This projection could influence global oil supply and prices.
January 09, 2024 | 5:30 pm
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The United States Oil Fund (USO) may experience price fluctuations due to the EIA's forecast of reduced OPEC+ crude oil production in 2024, which could lead to changes in oil supply and pricing.
The United States Oil Fund (USO) tracks the daily price movements of West Texas Intermediate light, sweet crude oil. A projected decrease in OPEC+ production typically leads to tighter global oil supplies, which can result in higher oil prices. As USO's performance is directly linked to oil prices, the EIA's forecast could lead to an increase in USO's share price in the short term, assuming other market conditions remain constant.
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