Wood Mackenzie: Oversupply to Correct in 2H of 2017

The video discusses the current state of the oil market, focusing on the supply glut and the challenges faced by OPEC in reaching an agreement to cut production. Insights from the World Energy Congress highlight the need for market balance. The US oil industry is adapting to low prices, with increased rig activity. Future demand growth, particularly from Asia, is expected to drive prices higher, despite differing opinions on when prices will reach $60 per barrel.

What is one of the main challenges in reaching an agreement to cut oil production?

• High demand for oil

• Disputes over production levels

• Lack of technology

• Environmental concerns

What is the goal of the World Energy Congress according to the transcript?

• To increase oil production

• To balance the market and achieve fair pricing

• To reduce energy consumption

• To promote renewable energy

Since November 2014, what has been OPEC's approach to the oil market?

• Focusing on market share

• Reducing production

• Promoting renewable energy

• Increasing prices

What is the current trend in US oil production activity?

• Increasing rig count

• Complete halt in production

• Decreasing rig count

• Stable production levels

What is expected to drive oil prices higher according to the transcript?

• Increased supply

• Government subsidies

• Technological advancements

• Demand growth

Which region is expected to contribute significantly to oil demand growth?

• Europe

• North America

• Asia

• Africa

What is the expected oil demand growth rate mentioned in the transcript?

• Above 2.0

• Under 1.3

• Between 1.3 and 1.5

• Exactly 1.0