Saudi Really Needs Oil Deal, Russia Doesn't Quite as Much, Nasdaq's Essner Says

The video discusses the challenges faced by OPEC in reaching an agreement, highlighting the differing positions of Saudi Arabia and Russia. It explores the potential market self-correction if no deal is reached, emphasizing the role of US shale production. Geopolitical risks, such as Iran's threat to close the Strait of Hormoz and the situation in Venezuela, are also examined. The video concludes with a discussion on OPEC's changing strategy, focusing on market share and the impact of LNG and renewables.

What changes in OPEC's strategy are highlighted in the text?

What existential threat does OPEC face according to the discussion?