Russia, Saudi Oil Ministers Meet as OPEC Cut Looms

OPEC has agreed to cut oil production to address oversupply and stabilize prices. The plan aims to push prices up and reduce short selling in the market. Saudi Arabia is working to involve non-OPEC producers like Russia, but challenges remain as Russia is undecided on cuts. Iraq complicates matters by refusing cuts due to its fight against ISIS and disputes OPEC's production figures. Exemptions are given to countries like Iran, Libya, and Nigeria due to unique circumstances. OPEC must resolve these issues before their meeting on November 30th in Vienna.

What is the primary goal of OPEC's plan to cut oil production?

• To increase oil supply

• To decrease oil prices

• To reduce market oversupply

• To eliminate non-OPEC competition

Why is Russia's participation crucial in OPEC's plan?

• Russia has the largest oil reserves

• Russia's production levels are at a post-Soviet high

• Russia is a member of OPEC

• Russia is a major oil importer

What reason does Iraq give for not participating in the production cuts?

• They are focusing on renewable energy

• They are fighting ISIS and need oil revenue

• They have reached a production agreement with Russia

• They are increasing oil exports

Which countries have been given exemptions by OPEC due to special circumstances?

• Venezuela and Iraq

• Saudi Arabia and Russia

• Iran, Libya, and Nigeria

• Kuwait and UAE

What is the significance of the upcoming meeting in Vienna for OPEC?

• To finalize the production cut plan

• To dissolve OPEC

• To invite new member countries

• To increase oil production