Iraq's Oil Minister Warns OPEC+ Cuts May Not Deal With Supply Glut

The transcript discusses the dynamics of oil production and pricing among OPEC+ members, focusing on Russia and Iraq's roles. Russia appears to support extending the OPEC+ deal, while Iraq considers deeper cuts. The discussion highlights the price preferences of Russia and Saudi Arabia, with Russia able to manage at $40 per barrel but preferring $60, while Saudi Arabia needs $80. The transcript also covers compliance issues among OPEC members, with many producing below target levels. The upcoming OPEC meeting is crucial for future decisions.

What factors are influencing the dynamics between Russia and Saudi Arabia in terms of oil production?

What challenges are mentioned regarding compliance with current oil production agreements?