OPEC Deal: Who Cuts Production and by How Much?

The transcript discusses the implications of oil production cuts by OPEC and non-OPEC countries, focusing on Iraq's new quota and Russia's unexpected pledge to cut production. It explores the potential impact on shale production and market reactions, highlighting the US industry's adaptation to lower oil prices. The discussion also touches on the role of non-OPEC countries like Mexico, Azerbaijan, and Oman in contributing to production cuts.

Discuss the implications of shale production in relation to the oil market dynamics described.

What was the market reaction to the announcements regarding oil production cuts?