OPEC vs. U.S.: Who Will Cut Oil Production First?

The video discusses the ongoing battle for market share among major oil producers, focusing on the reluctance of Saudi Arabia to cut production and the high production rates in the US. It highlights the economic impact on US producers, including job cuts and budget reductions. The video also explores varying estimates for the oil price floor and the bleak outlook for oil supply, with potential price drops due to oversupply and OPEC divisions.

Which country is mentioned as being reluctant to cut oil production despite market pressures?

• Kuwait

• Venezuela

• Saudi Arabia

• United States

What is the current production level of US oil producers as mentioned in the video?

• 10 million barrels a day

• 9.1 million barrels a day

• 7.5 million barrels a day

• 8.5 million barrels a day

Which company announced a reduction in its workforce due to the current oil market conditions?

• ExxonMobil

• Chevron

• BP

• Halliburton

What is the estimated floor price for West Texas oil according to some market analysts?

• $70

• $50

• $80

• $60

What is the forecast for oil supply in the first half of next year?

• No change in supply

• Stable supply

• Increase in oversupply

• Decrease in supply