OPEC+ Set to Extend Cuts

The video discusses the challenges faced by OPEC in enforcing output cuts, particularly with Iraq not meeting its commitments. Saudi Arabia and Russia are working together to ensure compliance. The video also explores the recent oil price rally, driven by historic production cuts and optimism about economic recovery post-COVID. However, sustaining the rally may require further extensions of the output cuts.

What is the main challenge OPEC is facing in extending the output cuts?

• High oil prices

• Non-compliance by some member countries

• Lack of demand for oil

• Overproduction by the US

Which two countries are working together to ensure compliance with the output cuts?

• Iraq and Kuwait

• Saudi Arabia and Iran

• Russia and Venezuela

• Saudi Arabia and Russia

What has contributed to the recent oil price rally?

• Decreased demand due to COVID-19

• Historic production cuts and market optimism

• New oil discoveries

• Increased production by OPEC

What is one factor that might help sustain the oil price rally?

• A decrease in global oil demand

• Further extension of production cuts

• A rise in COVID-19 cases

• Increased production by US shale industry

To achieve higher oil prices, what might be necessary according to the discussion?

• Relying on market forces alone

• Extending production cuts further

• Increasing oil exports

• Reducing production cuts