The recent OPEC meeting was largely uneventful, with no new production cuts announced. Discussions included potential future production caps for Nigeria and Libya, though at higher levels than current production. Saudi Arabia's role in the oil market was highlighted, with a focus on its compliance with production quotas. Despite some countries like Ecuador breaking from production cuts due to budgetary needs, major players remain committed. OPEC and Saudi Arabia are focused on balancing global supply and demand to manage oil inventories.

What was the main outcome of the recent OPEC meeting?

• Deepening of production cuts

• Introduction of new production caps for Nigeria and Libya

• Significant impact on oil prices

• Increase in oil production

Which country has pledged to produce less than its quota?

• Russia

• Iraq

• Saudi Arabia

• Ecuador

What percentage of the oil market does Saudi Arabia currently produce?

• 31%

• 40%

• 25%

• 50%

Which country recently deviated from the production cuts due to budgetary issues?

• Nigeria

• Libya

• Ecuador

• Saudi Arabia

What is OPEC's focus in terms of the global oil market?

• Maintaining high oil prices

• Increasing production

• Balancing supply and demand fundamentals

• Reducing oil exports