United States Energy Information Administration Expects OPEC+ Increasing Crude Oil Production By 700,000 Barrels/Day In 2025 As Output Cuts Expire
Portfolio Pulse from Benzinga Newsdesk
The U.S. Energy Information Administration forecasts that OPEC+ will increase crude oil production by 700,000 barrels per day in 2025 as current output cuts expire, according to Reuters.
January 09, 2024 | 5:31 pm
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NEUTRAL IMPACT
The United States Oil Fund (USO) may experience price fluctuations following the EIA's forecast of increased OPEC+ oil production by 2025.
The United States Oil Fund (USO) tracks the daily price movements of West Texas Intermediate light, sweet crude oil. The EIA's forecast suggests a potential increase in oil supply, which could put downward pressure on oil prices. However, the impact is not immediate and will depend on various factors including global demand, geopolitical events, and other OPEC+ decisions leading up to 2025.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 75