OPEC's Oil Dominance Takes a Back Seat to Russian Control

The transcript discusses the complexities of global oil dynamics, focusing on OPEC's role and challenges. It highlights the influence of Russia and US shale oil, and details a critical OPEC meeting in Vienna where members struggled to reach an agreement for 2019. The symbolic actions of key figures like Alexander Novak are noted, as well as the internal struggles within OPEC due to differing member needs and agendas. The transcript concludes with skepticism about OPEC's ability to adhere to its 2019 output agreement, emphasizing the burden on Saudi Arabia and smaller countries.

What was the outcome of the OPEC meeting mentioned in the text?

Describe the significance of Alexander Novak's actions during the OPEC meeting in Vienna.

What challenges does OPEC face in reaching agreements among its members?

How do different oil-producing countries' needs affect OPEC's decision-making process?

What are the implications of the output cuts agreed upon by OPEC for 2019?