Russia Threatens to Cut Oil Output

The video discusses potential impacts on global oil prices due to Russian production cuts and China's COVID policy. It highlights uncertainties in the oil market for 2023, including economic slowdowns, Russian supply issues, and the Iranian nuclear deal. The importance of refinery capacity in maintaining oil prices is also emphasized.

What role do OPEC countries play in the context of reduced Russian oil output?

Discuss the significance of refinery capacity in relation to crude oil production and prices.