OPEC+ Discussing Extending Some Oil Output Cuts Expiring In 2024 Into 2025; OPEC+ Extension Of Some Cuts Into 2025 Will Likely Come On Top Of Voluntary Cuts Extension Into Q3-Q4 Of 2024; OPEC+ Will Likely Make Cuts Extension Into 2025 Conditional On Agreeing Individual Member Output Capacity Figures Later In 2024
Portfolio Pulse from Benzinga Newsdesk
OPEC+ is discussing extending some oil output cuts expiring in 2024 into 2025. This extension will likely be on top of voluntary cuts into Q3-Q4 of 2024 and will be conditional on agreeing individual member output capacity figures later in 2024.
May 30, 2024 | 4:54 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) is likely to be impacted by the potential extension of OPEC+ oil output cuts into 2025, which could support higher oil prices.
USO tracks the price of oil, and extended output cuts by OPEC+ are likely to support higher oil prices, benefiting USO.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
The SPDR S&P 500 ETF (SPY) might experience indirect effects from the potential extension of OPEC+ oil output cuts into 2025, as higher oil prices could impact various sectors within the S&P 500.
While SPY is a broad market ETF, higher oil prices resulting from OPEC+ cuts could impact sectors like energy and transportation within the S&P 500.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50