Saudi, Russia May Agree to Moderate Oil Output, Vanda Insights Says

The transcript discusses OPEC's strategic changes since 2017, focusing on their collaboration with non-OPEC producers to manage market surplus. It highlights OPEC's hands-on approach to balancing the market, evidenced by their production adjustments in response to declining Venezuelan output. The transcript also addresses OPEC's concerns about a potential surplus next year and anticipates discussions in upcoming meetings to address these issues.

What significant change did OPEC make in 2017?

• They stopped collaborating with non-OPEC producers.

• They reduced oil production to historic lows.

• They joined hands with non-OPEC producers to manage surplus.

• They decided to increase oil prices significantly.

In June, how did OPEC respond to the declining production in Venezuela?

• They ignored the decline and maintained their output levels.

• They increased their market supply by 1,000,000 barrels per day.

• They decided to reduce their oil output.

• They stopped all oil production.

What is OPEC's main concern for the next year?

• A decrease in global oil demand.

• A shortage of oil supply.

• An increase in oil prices.

• A surplus in the supply-demand balance.

What is expected to be discussed at OPEC's upcoming meetings?

• The complete shutdown of oil production.

• The introduction of new oil technologies.

• The potential surplus in the market next year.

• The merger with non-OPEC producers.

When is the full quorum of OPEC Ministers expected to meet?

• In December this year.

• In September this year.

• In June next year.

• In March next year.