CLEAN : OPEC boosts oil price with output cut

The video discusses the recent OPEC agreement, addressing initial skepticism and highlighting its significance in rebalancing the oil market. The agreement involves a production cut of 1.2 million barrels per day, effective January 1, 2017, with additional reductions from non-OPEC producers. This historic step aims to reduce stock overhang and stabilize the market.

What was the initial skepticism about OPEC's ability related to?

• Reaching an agreement

• Increasing oil prices

• Reducing oil production

• Expanding market share

Which country is mentioned as being involved in the agreement discussions?

• Mexico

• Indonesia

• Russia

• Saudi Arabia

What is the expected impact of the agreement on the market?

• Expansion of OPEC's market share

• Decrease in oil demand

• Rebalancing the market

• Increase in oil prices

How many barrels per day is OPEC expected to reduce its production by?

• 2 million

• 800,000

• 600,000

• 1.2 million

What is the target production ceiling for OPEC after the cuts?

• 30 million barrels per day

• 33 million barrels per day

• 35 million barrels per day

• 32.5 million barrels per day