What the OPEC+ deal means for market volatility, US crude production

Earlier this year the oil market suffered a historic price collapse as pandemic-blunted demand left the world awash in crude. Against this background, the OPEC+ group in April agreed to is deepest-ever production cuts. The agreement was largely successful in fostering a recovery in oil prices throughout the summer and fall, but oil demand outlooks have again come under pressure. The group reached a compromise agreement December 3 to scale back production quotas and to meet monthly to fine-tune output as conditions warrant. Today we talk with Ed Moya, senior market analyst at OANDA, to discuss what the OPEC+ deal means for market volatility, its impact on rebounding US crude production, and what effect the incoming Biden administration could have on the group's thinking next year.