OPEC Gets Closer to Production Cut Deal, Oil Rallies

In the last 48 hours, significant progress has been made towards an oil production deal. Delegates are discussing a 1.4 million barrel per day cut, with Saudi Arabia agreeing to let Iran pump near pre-sanction levels. This has led to a positive market reaction, with Brent and WTI prices rising. Non-OPEC countries, particularly Russia, are considering cuts, marking a breakthrough. The Iranian oil minister noted that a conversation between President Rouhani and Vladimir Putin facilitated this progress. The deal's details and Russia's response are awaited.

What was the proposed daily cut in oil production discussed in the negotiations?

• 1.4 million barrels

• 2.0 million barrels

• 1.0 million barrels

• 3.9 million barrels

How did the market react to the news of the potential deal?

• WTI contracts decreased in volume

• The market remained unchanged

• Brent crude oil prices rose above $50 a barrel

• Oil prices fell below $40 a barrel

What was Russia's initial stance on oil production cuts?

• They agreed to cut immediately

• They had no opinion

• They preferred to freeze production

• They wanted to increase production

What condition did Russia set for considering a production cut?

• Non-OPEC countries must increase production

• OPEC countries must be assigned specific cuts

• Iran must stop production

• OPEC countries must increase production

What event led to the breakthrough in negotiations according to the Iranian oil minister?

• A meeting between Saudi Arabia and Iran

• A public announcement by Russia

• A phone call between President Rouhani and Vladimir Putin

• A summit of all OPEC members