OPEC's Oil Dominance Takes a Back Seat to Russian Control

The transcript discusses the complexities of global oil dynamics, focusing on OPEC's role and challenges. It highlights the influence of Russia and US shale oil, and details a critical OPEC meeting in Vienna where members struggled to reach an agreement for 2019. The symbolic actions of key figures like Alexander Novak are noted, as well as the internal struggles within OPEC due to differing member needs and agendas. The transcript concludes with skepticism about OPEC's ability to adhere to its 2019 output agreement, emphasizing the burden on Saudi Arabia and smaller countries.

Which two countries are mentioned as having significant influence over global oil dynamics?

• Venezuela and Canada

• Saudi Arabia and Iran

• Russia and the US

• Russia and China

What was the outcome of the OPEC meeting in Vienna?

• No agreement was reached initially

• A decision to dissolve OPEC

• A new oil production increase

• An agreement to include new members

What symbolic action did the Russian oil minister take during the Vienna meeting?

• He left the meeting early

• He invited the press into the meeting

• He occupied the Secretary General's office

• He announced a new oil deal

What is a major challenge OPEC faces in reaching agreements?

• Uniform oil reserves among members

• Different agendas and needs of member countries

• Lack of leadership

• Too many external influences

Which country has borne the brunt of the oil output cuts in volume terms?

• Iran

• Venezuela

• Saudi Arabia

• Nigeria