Oil Near 2-Month Low as Supply Swells

The transcript discusses the challenges OPEC faces in implementing production cuts agreed upon in Algiers. Despite the agreement, details on implementation remain unclear, with countries like Iran and Iraq increasing production. The market is concerned about OPEC's ability to reduce supply meaningfully, as members aim to maintain high production levels for economic reasons. OPEC's credibility is questioned, and unresolved decisions on production levels persist, with further meetings planned to address these issues.

Why are OPEC members producing aggressively despite the potential for cuts?

What challenges does OPEC face in reaching a consensus on production cuts?