IEA Expects Global Oil Production To Fall By 870,000 B/S In Q1 2024 Vs Q4 2023; Expects Global Oil Demand To Rise By 1.7M B/D In Q1 2024
Portfolio Pulse from Charles Gross
The International Energy Agency (IEA) forecasts a decrease in global oil production by 870,000 barrels per day (B/D) in Q1 2024 compared to Q4 2023, while anticipating a rise in global oil demand by 1.7 million B/D during the same period.
March 14, 2024 | 9:06 am
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POSITIVE IMPACT
The United States Oil Fund (USO) is likely to be impacted by the IEA's forecast of a decrease in global oil production and an increase in demand, potentially leading to higher oil prices.
The United States Oil Fund (USO) tracks the daily price movements of West Texas Intermediate light, sweet crude oil. A decrease in global oil production, as forecasted by the IEA, coupled with an increase in demand, is likely to lead to higher oil prices. Higher oil prices generally have a positive impact on USO's performance, as the fund's value increases with the price of oil.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90