OPEC Output Cut May Not Drain Supply

The video discusses a technical meeting in Vienna involving OPEC and non-OPEC countries, including Russia, to implement an agreement from Algeria. The meeting aims to decide on scenarios for oil production cuts or freezes, impacting oil prices. Russia's position remains uncertain, leaning towards a freeze. Internal disagreements within OPEC, particularly with Iraq, complicate the decision-making process. Exemptions for countries like Libya and Nigeria increase pressure on Gulf members, especially Saudi Arabia, to make significant production cuts.

What is the primary purpose of the meeting in Vienna between OPEC and non-OPEC countries?

• To discuss global warming

• To implement the Algeria agreement on oil production

• To negotiate trade tariffs

• To plan a new oil pipeline

According to the Algeria agreement, what is the production ceiling OPEC must maintain?

• 35 million barrels a day

• 30 million barrels a day

• 34 million barrels a day

• 32.5 to 33 million barrels a day

Which country is more inclined towards a production freeze rather than a cut?

• Libya

• Iraq

• Russia

• Saudi Arabia

Which countries are seeking exemptions from the production cut deal?

• Russia and Qatar

• Iraq and Iran

• Libya and Nigeria

• Saudi Arabia and UAE

Which country is expected to bear the most pressure in terms of production cuts?

• Iran

• Iraq

• Nigeria

• Saudi Arabia