OPEC Deal: Who Cuts Production and by How Much?

The transcript discusses the implications of oil production cuts by OPEC and non-OPEC countries, focusing on Iraq's new quota and Russia's unexpected pledge to cut production. It explores the potential impact on shale production and market reactions, highlighting the US industry's adaptation to lower oil prices. The discussion also touches on the role of non-OPEC countries like Mexico, Azerbaijan, and Oman in contributing to production cuts.

What was the unexpected move by Russia that surprised the oil market?

• Exiting the oil market completely

• Maintaining current production levels

• Pledging an actual cut of 300,000 barrels a day

• Increasing oil production by 300,000 barrels a day

Which non-OPEC country is mentioned as joining the production cut efforts?

• Canada

• Oman

• Azerbaijan

• Mexico

What is a potential issue with OPEC's production cut claims?

• They might claim natural declines as cuts

• They might not participate at all

• They might double the cuts unexpectedly

• They might increase production instead

How did the US industry respond to the two-year oil price slump?

• By shutting down operations

• By becoming leaner and more profitable

• By increasing production costs

• By exiting the oil market

What was the reaction of the equity market to the oil production deal?

• It showed mixed reactions

• It declined significantly

• It reacted positively with significant gains

• It remained unchanged