OPEC Agrees to Raise Production by 600,000 Barrels a Day

The video discusses a recent OPEC agreement to increase oil production by 600,000 barrels per day, despite a paper increase of 1,000,000 barrels due to production limitations in countries like Venezuela and Angola. The increase will primarily come from Saudi Arabia, Russia, UAE, and Kuwait. The deal aims to return to 100% compliance, with Saudi Arabia leading by example. Iran initially resisted the agreement, but negotiations, including a key meeting between Saudi Arabia and Iran, helped bridge differences. Prince Abdulaziz played a significant role in facilitating the agreement.

What is the actual increase in barrels per day agreed upon by the group?

• 500,000 barrels

• 800,000 barrels

• 600,000 barrels

• 1,000,000 barrels

Which countries are expected to contribute to the production increase?

• Libya and Nigeria

• Iran and Iraq

• Saudi Arabia and Russia

• Venezuela and Angola

What is the target compliance level for the OPEC deal?

• 110%

• 100%

• 95%

• 90%

Why was Iran initially resistant to the OPEC deal?

• Lack of production capacity

• Because of U.S. pressure and sanctions

• Due to internal political issues

• Disagreement with Saudi Arabia

Who played a key role in facilitating the agreement between Saudi Arabia and Iran?

• The Russian Prime Minister

• Minister Zanganeh

• Prince Abdulaziz

• The U.S. President