Goldman's Currie Says OPEC Needs to Cut Oil Production by 1M Barrels per Day

The video discusses the potential role of the G20 in stabilizing commodity prices, focusing on oil and metals. It highlights the impact of excess oil supply, Iranian waivers, and the trade war on prices. The discussion includes the dynamics between the US, Russia, and Saudi Arabia in oil pricing, emphasizing the need for cooperation to manage prices. The video also examines the precarious position of US shale supply and the necessary production cuts by OPEC to support prices. Finally, it addresses the impact of cost structures on the oil and metal industries, suggesting a need for significant production cuts to balance supply and demand.

What are the two major issues affecting commodity prices as discussed in the video?

• Inflation and currency fluctuations

• Excess supply of oil and the trade war

• High demand for metals and low oil prices

• Technological advancements and environmental policies

Why is it important for the US, Russia, and Saudi Arabia to reach an agreement on oil prices?

• To increase global oil consumption

• To reduce environmental impact

• To stabilize oil prices and support the industry

• To promote renewable energy sources

What is the impact of recent oil price declines on the industry?

• It has pushed prices below the cost structure, causing industry pain

• It has led to increased profits

• It has stabilized the market

• It has encouraged more production

What is the estimated production cut needed from OPEC to balance the market?

• 3,000,000 barrels per day

• 500,000 barrels per day

• 1,000,000 barrels per day

• 2,000,000 barrels per day

Which countries have unexpectedly increased their oil production, affecting the market balance?

• Norway and Brazil

• Canada and Mexico

• Libya and Venezuela

• Iran and Iraq