OPEC+ Will Consider Rolling Over Existing Cuts: Energy Aspects

The video discusses a virtual meeting focused on the current state of the oil market. It highlights weakened market fundamentals, with crude spreads moving into contango, which OPEC+ dislikes due to inventory build-up. The discussion includes the possibility of deeper production cuts, though the base case is maintaining existing cuts. OPEC+ recently implemented significant quota reductions, and the market will see these effects through 2023. The potential loss of Russian oil volumes due to price cap issues is also considered, which might lead to further production cuts, even if not officially announced in the meeting.

What is the primary concern of OPEC Plus regarding the current market situation?

• The increase in oil prices

• The rise of virtual meetings

• The shift to backwardation

• The occurrence of contango

What recent action has OPEC Plus taken to address market conditions?

• Expanded market share

• Introduced new oil tariffs

• Implemented quota reductions

• Increased oil production

How many barrels per day are expected to be cut due to the recent OPEC Plus quota reductions?

• 3 million barrels

• 2 million barrels

• 1 million barrels

• 500,000 barrels

What might influence OPEC Plus to cut production further, despite not announcing it officially?

• New environmental regulations

• Technological advancements in oil extraction

• Loss of Russian oil volumes

• Increased demand from Asia

What is the likely action OPEC Plus will take in the upcoming meeting?

• Roll over existing cuts

• Increase production

• Completely halt production

• Introduce new oil tariffs