Ecuador Foreign Minister Long on OPEC Output Deal

The transcript discusses recent OPEC meetings, highlighting a historic agreement to reduce oil production by 1.2 million barrels per day, aiming to stabilize the market. Non-OPEC countries are expected to contribute an additional 600,000 barrels per day cut. The agreement's future will be reviewed in six months. The meetings demonstrated OPEC's cohesion and relevance in the 21st century.

What was the main goal of the recent OPEC meetings?

• To eliminate non-OPEC competition

• To stabilize the oil market

• To increase oil production

• To reduce oil prices

What was the agreed reduction in production by OPEC members?

• 600,000 barrels per day

• 1.2 million barrels per day

• 2.5 million barrels per day

• 4.45% reduction

What was the expected contribution from non-OPEC members to the production cut?

• 2 million barrels per day

• 1 million barrels per day

• No contribution

• 600,000 barrels per day

Which non-OPEC country was specifically mentioned as potentially contributing to the production cut?

• Venezuela

• Russia

• Iran

• Saudi Arabia

What was the significance of the recent OPEC intervention in production?

• It was the largest in over a decade

• It had no impact on the market

• It was a minor adjustment

• It was the first in two years