What to Expect From OPEC's Meeting in Oman

The video discusses the current state of the oil market, focusing on OPEC's strategies and the differing opinions on oil demand and production. Analysts suggest that the current deal may end mid-year due to rising oil prices. The World Bank forecasts strong economic growth, leading to increased oil demand, while the International Energy Agency warns that high prices could curb demand. OPEC's compliance with production targets is influenced by Venezuela's reduced output, allowing other members to produce more. The video also highlights the limited flexibility in production, primarily among Gulf Arab producers and Russia.

What factors have contributed to Venezuela's compliance with oil production cuts?

Which countries are identified as having flexibility in oil production within OPEC?