Though Morris said, “if you had asked me a week ago if I thought they would cut by two million barrels, I would have said no,” she indicated that going into the meeting it was clear OPEC was going to make production cuts. Morris thinks that there is some confusion about the size of the cuts. “There is some misunderstanding in general about the overall size of the cut and what it means for oil markets,” she said. Actual cuts are likely closer to one million barrels than two million. Given that about 100 million barrels are produced a day, the difference between 1% and 2% is quite substantial. According to Morris, “oil markets started pricing this in ahead of the meeting.” Only a few countries would actually need to lower their production.