OPEC+ Agrees to Gradually Ease Oil-Output Cuts in 2021

The video discusses a recent oil output deal where OPEC and its allies agreed to increase production by 500,000 barrels per day starting in January. This decision is a compromise between different member countries' preferences. Monthly meetings will be held to assess market conditions and decide on further output adjustments. The market faces uncertainty due to uneven demand recovery and high inventory levels. Leadership dynamics within OPEC are highlighted, with Saudi Arabia stepping back from chairing a meeting due to disagreements with the UAE.

What are the implications of the large inventories of crude oil and refined products on the market?

What could be the reasons for the Saudi oil minister stepping back from chairing the meeting?