Iraq's Oil Ministry Said It Is Fully Committed To The Quota By 203,000 Barrels For May 2024
Portfolio Pulse from Benzinga Newsdesk
Iraq's Oil Ministry has announced its commitment to a quota of 203,000 barrels for May 2024, as reported by Reuters.
June 12, 2024 | 11:08 am
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POSITIVE IMPACT
Iraq's commitment to an oil quota of 203,000 barrels for May 2024 could stabilize oil prices, potentially benefiting the United States Oil Fund (USO).
Iraq's adherence to the oil quota may help stabilize global oil supply and prices, which is beneficial for oil-related ETFs like USO.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Iraq's oil quota commitment for May 2024 could stabilize oil prices, potentially benefiting European markets and the Vanguard FTSE Europe ETF (VGK).
Stabilized oil prices due to Iraq's quota commitment may positively impact European markets, benefiting VGK.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
NEUTRAL IMPACT
Iraq's oil quota commitment for May 2024 may have a stabilizing effect on the broader market, indirectly impacting the SPDR S&P 500 ETF (SPY).
While the oil quota commitment may stabilize oil prices, the indirect impact on the broader market and SPY is less certain.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50