Can OPEC Survive the Oil Industrys New Economics?

The video discusses OPEC's influence on oil prices, highlighting its shift from monopoly to dominant firm power. It explores the impact of cheaper oil on exploration, particularly in offshore and shale sectors. The global supply and demand dynamics are analyzed, with insights from a Goldman Sachs report predicting future oil prices. The roles of Brazil and Russia in the oil market are examined, noting Brazil's recovery and Russia's economic dependency on oil. The video also covers fracking techniques and the sustainability of US shale production. Finally, it questions OPEC's current relevance in the market.

What is the current power status of OPEC in the global oil market?

• Minor player

• No influence

• Dominant firm power

• Monopoly power

What is the projected price range for WTI and Brent oil according to Goldman Sachs?

• $100 WTI, $110 Brent

• $75 WTI, $85 Brent

• $60 WTI, $70 Brent

• $90 WTI, $100 Brent

Which country is not part of OPEC?

• Venezuela

• Kuwait

• Russia

• Saudi Arabia

What challenges has Brazil faced in its oil exploration efforts?

• Lack of technology

• High taxation

• Local labor issues and offshore paralysis

• Political instability

What is the dependency of the Russian economy on oil prices?

• Independent of oil prices

• Dependent on $100 oil

• Dependent on $150 oil

• Dependent on $50 oil

What technique is used for extracting both natural gas and crude oil?

• Surface mining

• Vertical drilling

• Fracking

• Offshore drilling

How has US shale production affected OPEC's influence?

• Reduced OPEC's influence

• Increased OPEC's control

• Made OPEC more dominant

• No impact on OPEC