Iraq Balks at Joining OPEC Cuts

The transcript discusses the ongoing geopolitical tensions affecting the oil market, particularly in the context of an upcoming OPEC meeting. It highlights the posturing of various OPEC members, such as Iran, Libya, and Nigeria, who are exempt from production cuts but are disputing target figures. The market is holding steady at around $50 a barrel, awaiting the meeting's outcome. The potential formation of a new bloc with Iran and Iraq against Saudi Arabia is considered, with Saudi Arabia expected to shoulder most of the production cuts, as it has in the past.

What is a common behavior of players before an OPEC meeting?

• They form new alliances.

• They reduce oil prices.

• They seek exemptions from production cuts.

• They increase oil production.

Which countries are mentioned as being exempt from production cuts?

• Saudi Arabia, Iraq, and Iran

• Venezuela, Kuwait, and Qatar

• Libya, Nigeria, and Iran

• Russia, USA, and China

What is the market's attitude towards the upcoming OPEC meeting in November?

• The market is aggressively buying oil.

• The market is ignoring the meeting.

• The market is waiting to see the meeting's outcome.

• The market is selling off oil stocks.

What could be the implication if Iraq gets exempt from production cuts?

• It would decrease oil production in Saudi Arabia.

• It could lead to a new bloc with Iran against Saudi Arabia.

• It would increase oil prices immediately.

• It would lead to a decrease in global oil demand.

Which country is expected to shoulder most of the production cuts?

• Iran

• Libya

• Saudi Arabia

• Nigeria