Barkindo: Compliance Integral Part of OPEC Decision

The transcript discusses the compliance expectations from OPEC and non-OPEC countries following a historic agreement to stabilize the oil market. It highlights the role of the Joint Ministerial Monitoring Committee in ensuring compliance and the potential impact on market stability and stock levels. The response of shale oil producers and their role in global economic growth is also examined. Additionally, the transcript touches on Rex Tillerson's nomination as Secretary of State and its implications for oil diplomacy.

What was established to monitor compliance between OPEC and non-OPEC countries?

• Joint Ministerial Monitoring Committee

• International Oil Compliance Board

• Global Energy Oversight Group

• Oil Production Regulation Committee

What is the main challenge in managing oil production cuts with additional oil from Libya and Nigeria?

• Insufficient demand

• Lack of technology

• Political instability

• Need for flexible agreements

What is the expected outcome of the nearly 1.8 million barrels a day withdrawal from the market?

• Rise in alternative energy use

• Decrease in oil demand

• Significant stock drawdown

• Increase in global oil prices

What is the significance of the Joint Monitoring Committee in the OPEC agreement?

• It negotiates with non-member countries

• It monitors supply and demand

• It enforces production quotas

• It sets oil prices

How do shale oil producers view the OPEC agreement?

• As a temporary measure

• As irrelevant to their operations

• As beneficial for the global economy

• As a threat to their market share

What is the primary focus of OPEC in terms of oil prices?

• Achieving the highest possible price

• Reducing production costs

• Maintaining market stability

• Targeting a specific price

What role does Rex Tillerson's background play in his nomination as Secretary of State?

• His political career

• His military service

• His academic achievements

• His experience in international oil diplomacy