'Iraq To Cut Oil Production To 3.85M-3.9M Barrels/Day In Sept'
Portfolio Pulse from Benzinga Newsdesk
Iraq plans to reduce its oil production to 3.85M-3.9M barrels per day in September, according to a source. This decision could impact global oil supply and prices.
August 29, 2024 | 2:45 pm
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The United States Oil Fund (USO) may see a short-term price increase due to Iraq's decision to cut oil production, potentially affecting global oil supply and prices.
Iraq's reduction in oil production is likely to decrease global oil supply, which can lead to higher oil prices. As USO tracks the price of oil, it may experience a price increase.
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