Not Surprising It Was Hard for OPEC+ to Reach Deal, Emirates NBD's Haque Says

The video discusses the significant threats to the oil market, focusing on increased US production and the easing of bottlenecks. It highlights the reduced production costs, allowing producers to break even at lower oil prices. The discussion includes a 'fuzzy deal' analyzed by Bob McNally, comparing it to the 2016 deal. The video also explores the GCC countries' reluctance to cut production due to past economic challenges and Russia's comfort with current oil prices, indicating less enthusiasm for production cuts compared to 2016.

What challenges did the GCC face in 2016 and 2017?

What was Russia's stance on oil production cuts in comparison to 2016?