Iran, Saudi Arabia Deadlocked Over OPEC Deal

The video discusses the ongoing negotiations between Saudi Arabia, Iran, and Iraq regarding oil production cuts. Saudi Arabia is prepared to walk out if Iran and Iraq do not agree to a compromise. Iran, however, refuses to cut production, leading to a drop in oil prices. Libya and Nigeria are exempt from cuts due to internal strife, causing a deadlock. The Saudis propose a 7% cut for Iran, but political challenges persist.

How does the situation between Saudi Arabia and Iran reflect on the overall oil market?

What was the proposed cut by the Saudis for the Iranians, and what is the current production level of Iran?