OPEC Output Falls Most in Almost Two Years

The video discusses OPEC's decision to cut oil output by 1.2 million barrels per day, with Saudi Arabia and Russia playing key roles. Initial cuts were made in December, but further reductions are needed in January. The market is closely watching if OPEC can meet these targets. Additionally, the US market, particularly shale production, is influencing global oil prices. The video also touches on the impact of equity sell-offs on commodity markets.

What was the announced OPEC output cut on December 7th?

• 500,000 barrels a day

• 1.2 million barrels a day

• 3 million barrels a day

• 2 million barrels a day

Which country was most optimistic about starting output cuts in December?

• United States

• Iran

• Saudi Arabia

• Russia

What is the market's expectation for crude oil supply in 2019?

• No change

• Undersupply

• Balanced supply

• Oversupply

How did the U.S. equity market sell-off affect crude oil prices?

• Stabilized prices

• No effect

• Decreased prices

• Increased prices

What is a potential consequence if OPEC and Russia cut production?

• Increased production by Saudi Arabia

• Decreased U.S. shale production

• Increased U.S. production to fill the gap

• Stable global oil prices