Oil Holds Near 15-Month High on Output Pledge

The video discusses the growing consensus within OPEC to cut oil supply, with Vladimir Putin expressing willingness to join a cooperative agreement. Despite optimism for oil prices to reach $60 per barrel, skepticism remains due to factors like increased production from exempt OPEC countries and potential U.S. production increases. Goldman Sachs highlights these concerns, suggesting that any price increase might be temporary, with prices potentially lower by the end of 2017.

What is the main reason for the optimism among hedge funds regarding oil prices?

• Increased production in the US

• OPEC's decision to cut supply

• Vladimir Putin's involvement

• Saudi Arabia's oil minister's statement

Which countries are exempt from the OPEC output cut?

• Venezuela and Iraq

• Canada and the US

• Libya, Nigeria, and Iran

• Saudi Arabia and Russia

What is a potential consequence of increased oil production in the US and Canada?

• Higher oil prices globally

• Increased demand for oil

• A decrease in oil prices

• More OPEC countries joining the cut

According to Goldman, what might happen to oil prices by the end of 2017?

• Prices will reach $70 per barrel

• Prices will be higher than without the cut

• Prices will remain stable

• Prices will be lower than without the cut

Why did Goldman not change their 2017 outlook despite potential oil output cuts?

• They believe the cuts will be ineffective

• They expect a significant price increase

• They foresee new OPEC agreements

• They anticipate a rise in global demand