Russia, Iraq Put Downside Pressure on OPEC, Markets

The video discusses the influence of OPEC on global oil production, highlighting the strategies of countries like Russia and Iraq to increase production targets. Russia's optimistic forecast suggests over 11 million barrels per day, while the pessimistic view is around 9 million. The discussion covers the impact of production strategies on market dynamics, with a focus on the upcoming OPEC meeting and its implications for market expectations. Potential market scenarios are explored, considering the effects of production freezes or cuts on price ranges.

How does the speaker perceive the market's reaction to the proposed OPEC cut?

What is the new norm for oil prices as discussed in the text?