OPEC+ Agrees to Gradually Ease Oil-Output Cuts in 2021

The video discusses a recent oil output deal where OPEC and its allies agreed to increase production by 500,000 barrels per day starting in January. This decision is a compromise between different member countries' preferences. Monthly meetings will be held to assess market conditions and decide on further output adjustments. The market faces uncertainty due to uneven demand recovery and high inventory levels. Leadership dynamics within OPEC are highlighted, with Saudi Arabia stepping back from chairing a meeting due to disagreements with the UAE.

What was the agreed increase in oil output starting in January?

• 750,000 barrels a day

• 250,000 barrels a day

• 500,000 barrels a day

• 1 million barrels a day

Why are monthly ministerial meetings planned after the initial output increase?

• To reduce the number of meetings

• To negotiate with new countries

• To assess market conditions and decide on further output changes

• To celebrate the deal

What is one of the main reasons for the uncertainty in the oil market?

• Lack of oil production

• High demand for oil

• Large inventories of crude oil and refined products

• Stable market conditions

Who chaired the meeting instead of the Saudis?

• United Arab Emirates

• China

• Russia

• United States

What was a possible reason for the Saudi oil minister stepping back from chairing the meeting?

• To support the UAE's leadership

• To avoid media attention

• To allow tempers to ease and reduce tensions

• To focus on other projects