It’s Getting Tougher for OPEC+ to Cut Oil Output: Nomura

The video discusses the current state of the crude oil market, highlighting its weakening condition and the challenges faced by OPEC+ in maintaining supply quotas amid fiscal pressures. The persistent pandemic has led to a resurgent wave affecting global oil demand. The Gulf Cooperation Council (GCC) countries are particularly vulnerable due to their heavy reliance on oil revenues, with a forecasted need for significant deficit financing. The necessity for economic diversification away from oil is emphasized, as no GCC country can meet its financial needs without high oil prices.

What are the current challenges facing the crude oil market according to the text?

How has the pandemic affected oil demand as mentioned in the text?

What fiscal pressures are OPEC plus member states facing?

What is the forecast by S&P Global ratings regarding GCC's financial needs?

What does the text suggest about the Gulf countries' ability to diversify away from oil?