OPEC Crude Output Fell by 350,000 B/D in January to 26.3M B/D
Portfolio Pulse from Charles Gross
According to the Wall Street Journal, citing OPEC sources, OPEC's crude output decreased by 350,000 barrels per day (B/D) in January, bringing the total to 26.3 million B/D.
February 13, 2024 | 12:53 pm
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POSITIVE IMPACT
The decrease in OPEC's crude output could potentially lead to higher oil prices, positively impacting USO, an ETF that tracks the price of crude oil.
A reduction in oil supply, such as the reported decrease in OPEC's crude output, typically leads to higher oil prices due to the principles of supply and demand. As USO tracks the price of crude oil, an increase in oil prices would likely result in a positive impact on USO's price in the short term.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80