Oil Heads for Two-Year High

The video discusses OPEC's strategy of involving non-OPEC countries to support production cuts and supply restraint. It highlights the limited impact of these countries due to their small production capacity. The video also covers the recent rise in WTI oil prices, attributed to the shutdown of the Keystone Pipeline, which has caused a supply disruption and led to backwardation in oil contracts. The situation is expected to stabilize once the pipeline issue is resolved.

Why are some countries like Brazil and Colombia not participating in the meeting?

What does it mean for WTI contracts to be in backwardation?