OPEC Strategy & Market Dynamics - OPEC advanced the pace of output by 548,000 barrels a day in August [2] - OPEC ministers believe the market can absorb the increased barrels, indicating stronger demand than many market participants anticipate [8] - OPEC suggests it can "course correct" if a material oversupply situation arises, indicating flexibility in its production policy [14] - OPEC's message is that they will stand ready to fill any gaps in supply, but they need to see a supply disruption before putting barrels on the market [6][7] Geopolitical Tensions & Security Concerns - The Iranian oil minister attended the OPEC seminar via video conference due to security concerns, criticizing the United States and Israel for threatening global energy security [3][4] - Venezuela also denounced the United States and Israel, criticizing the United States for its coercive sanctions measures [5] - Geopolitical tensions are high, leading to a heavy security presence at the OPEC seminar in Vienna [5][6] US Production & Tariffs Impact - Baker Hughes rig counts are falling in the United States, raising the possibility that OPEC believes US production will drop off more than expected [11] - The market seems to be either ignoring or disbelieving the potential impact of tariffs, despite a previous 20% collapse in oil prices following a tariff announcement in April [9] Industry Collaboration & Future Outlook - The OPEC seminar included representation from a wide variety of people in the energy industry, including OPEC ministers, non-OPEC officials, CEOs, and think tank officials [16] - The key question is what will happen in Q4, with analysts divided on whether there will be a massive oversupply [13][14]

We have full team coverage and including our CBC contributor and friend Helma Croft of RBC Capital Markets. She is going to join us for the entire hour tonight. She just put out a big research note on what happened. She is here to talk about that move, why we're not maybe seeing a bigger move. And Hel McCra, thank you very much for spending your Sunday live with us here in our in our studios. You wrote in your note that don't basically I'm going to summarize. Don't think this is over. Don't assume because t ...

This joining us is Klay Seagull. He is senior fellow for energy security at Center for Strategic and International Studies. Also an analyst with extensive ship and tanker expertise as well.Uh listen, they jammed up apparently Clay, you tell me if I'm wrong, some of the signals on these ships, which pretty much operate like airplanes at this point, meaning it's kind of computers running the show. Two ships colliding. It's happened before.It will happen again, but the timing is hard to miss at this point. Hey ...