OPEC Considers 2019 Production Cuts

The transcript discusses OPEC's upcoming meeting in Abu Dhabi, focusing on potential production cuts in response to market dynamics. It highlights the role of technical committees in studying options and making proposals. The challenges of convincing non-OPEC countries like Russia to reduce production are noted, alongside concerns about spare capacity and global production issues in countries like Iran, Mexico, Venezuela, and Nigeria.

What is the primary focus of the upcoming OPEC meeting in Abu Dhabi?

• To discuss new oil drilling technologies

• To elect a new OPEC president

• To deliberate on potential production cuts for the next year

• To plan a new marketing strategy for OPEC

What prompted OPEC to shift from maintaining production cuts to increasing production earlier this year?

• A change in OPEC leadership

• A new discovery of oil reserves

• Complaints from buyers and public pressure from political figures

• A decrease in global oil demand

What is a significant challenge OPEC faces in convincing non-OPEC countries to reduce production?

• Lack of communication channels

• Political instability in OPEC countries

• The need to maintain market share

• Natural production declines in non-OPEC countries

Which countries are mentioned as having natural declines in oil production?

• United States and Canada

• Mexico and Venezuela

• Iran and Iraq

• Saudi Arabia and Russia

What potential issues are highlighted in Libya and Nigeria that could affect oil supply?

• Increased oil reserves and production capacity

• Political stability and economic growth

• New trade agreements with OPEC

• Potential outages and production problems