Oil Glut Here to Stay Despite OPEC: Bob Iaccino

The transcript discusses the outcomes of an OPEC meeting in Vienna, focusing on whether Iraq and Iran will join production cuts. It highlights the rising production levels in these countries and the potential for a cap rather than a cut. The discussion includes market reactions, price speculations, and the impact of OPEC's strategies. The potential risks and outcomes of the upcoming November 30th meeting are also analyzed, with a focus on price volatility and the influence of North American production.

What was the main unresolved issue regarding Iraq and Iran in the OPEC talks?

• Whether they would increase production

• Whether they would join production cuts

• Whether they would leave OPEC

• Whether they would increase oil prices

What strategy did Saudi Arabia and OPEC use to influence market prices?

• Increasing production

• Agreeing to agree

• Cutting production

• Selling oil reserves

What is the significance of the market being in 'contango'?

• It suggests a stable market

• It allows producers to hedge future prices

• It indicates a shortage of oil

• It means prices are at their peak

What is the potential downside if no deal is reached on November 30th?

• OPEC could dissolve

• Oil prices could drop to $40

• Production could double

• Oil prices could rise to $70

What is a potential risk if the oil market remains volatile?

• Speculative price increases

• A significant drop in oil demand

• A decrease in oil production

• Increased stability in oil prices