OPEC Production Increase Could Drop Price by $2, Says Shover

The video discusses the upcoming OPEC meeting in Vienna, where a potential compromise on oil output is anticipated. Larry Schober, CIO at Solutions Funds Group, provides insights into the possible outcomes, highlighting the unpredictability of Saudi Arabian oil policy and the involvement of countries like Iran, Angola, Iraq, and Russia. He predicts a volatile but narrow trading range for oil prices, despite the potential for significant changes in production levels.

What is the main focus of the upcoming OPEC meeting in Vienna?

• To reduce global oil prices

• To finalize a deal on increasing oil output

• To establish a new oil cartel

• To discuss renewable energy sources

According to Larry Schober, what makes Saudi Arabian oil policy unpredictable?

• Its collaboration with non-OPEC countries

• Its frequent policy reversals

• Its reliance on renewable energy

• Its focus on domestic consumption

What could be the impact on WTI prices if production increases by 700,000 barrels a day?

• An increase of $5

• A decrease of $2

• An increase of $10

• No change

What is the expected trading range for oil prices according to Larry Schober?

• $40 to $50

• $60 to $70

• $80 to $90

• $100 to $110

Which countries are mentioned as adding to oil production alongside Russia?

• Saudi Arabia and Iran

• Venezuela and Libya

• Angola and Iraq

• Canada and Mexico