Morse: Libya Production Should Be Volatile in 2017

The video discusses crude oil production over the past decade, focusing on enforcement challenges and the concept of managed decline. It highlights the role of GCC countries and Russia in enforcing production cuts and the financial motivations behind these actions. The video also examines the potential impact of increased production from Libya and Nigeria, which are exempt from the current deal. Finally, it explores the shifting power dynamics between OPEC and non-OPEC producers, emphasizing the cost deflation in non-OPEC production and its implications for OPEC's ability to manage prices.

In what ways might the reopening of Libyan oilfields impact the global oil market?

Discuss the implications of non-OPEC production on OPEC's ability to manage oil prices.