The OPEC+ Is Unlikely To Change Output Policy Before June Meeting, Sources Say
Portfolio Pulse from Benzinga Newsdesk
According to sources, OPEC+ is unlikely to alter its output policy before its June meeting. This decision could impact global oil supply and prices.
March 26, 2024 | 3:17 pm
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NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) may experience indirect effects due to potential shifts in energy sector stocks following OPEC+'s decision.
SPY, being a broad market ETF, includes significant holdings in the energy sector. OPEC+'s decisions on oil output can influence energy stock prices, thereby affecting SPY's performance indirectly. However, the exact impact is uncertain due to the diverse nature of SPY's holdings.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The United States Oil Fund (USO) is likely to be directly impacted by OPEC+'s decision to maintain its output policy, influencing oil prices and, consequently, USO's performance.
USO tracks the daily price movements of West Texas Intermediate light, sweet crude oil. OPEC+'s decisions on oil production directly influence market supply and demand dynamics, thereby affecting oil prices and USO's value. The decision to maintain current output policy is likely to keep oil prices stable or potentially increase them, benefiting USO in the short term.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90