OPEC+ Is Currently Focusing On Addressing Overproduction By Some Members; Likely To Go Ahead With Planned December Oil Output Increase As Impact Of Hike Is Small Given Expected Compensation Cuts By Some Members
Portfolio Pulse from Benzinga Newsdesk
OPEC+ is addressing overproduction by some members and is likely to proceed with a planned oil output increase in December. The impact of this hike is expected to be small due to compensation cuts by some members.
September 26, 2024 | 1:04 pm
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The United States Oil Fund (USO) may see limited impact from OPEC+'s planned December oil output increase, as compensation cuts by some members are expected to offset the hike.
USO, which tracks oil prices, could be affected by changes in oil output. However, the expected compensation cuts by some OPEC+ members may neutralize the impact of the planned output increase, leading to a neutral short-term effect on USO.
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