OPEC+ Cancels Its Press Conference

The transcript discusses OPEC's decision to cut production by 500,000 barrels and the complexities of which countries will reduce output. It highlights the friction among OPEC members, particularly between Saudi Arabia and Russia, and the impact of these dynamics on crude oil prices. The discussion also covers the budgetary needs of different OPEC countries and the influence of US shale production on OPEC's long-term strategy.

What was the agreed reduction in barrels from the OPEC production agreement?

• 750,000 barrels

• 1,000,000 barrels

• 500,000 barrels

• 200,000 barrels

Which country is already producing 500,000 barrels over their allotted quota?

• Russia

• Saudi Arabia

• Iran

• Iraq

What is the budget balancing price point for Saudi Arabia?

• $40

• $86

• $70

• $53

How does Russia's tax structure affect its oil production strategy?

• It encourages lower production at higher prices.

• It benefits from higher production at lower prices.

• It discourages any production changes.

• It has no impact on production strategy.

What is the expected trend for US shale production in the coming years?

• It will decline rapidly.

• It will double in growth rate.

• It will continue to grow at the same rate.

• It is expected to plateau.