Average cost of filling family car with petrol set to hit £100

The video discusses the impact of the Ukraine war on global oil supply, highlighting how Russian exports have been disrupted, leading to increased demand and higher prices. It also covers pre-existing issues in the oil market that began at the start of the pandemic when major producers, including OPEC and Russia, reduced production by 10% due to lower demand. As the global economy rebounded faster than expected, oil demand surged, but production could not keep up, exacerbating the situation.

How has the war in Ukraine affected global oil supply?

• It has increased the supply of oil.

• It has disrupted Russian oil exports, affecting global supply.

• It has decreased the demand for oil.

• It has stabilized the oil market.

What was the initial response of major oil producers to the pandemic?

• They cut oil production by around 10%.

• They maintained the same level of oil production.

• They increased oil production by 10%.

• They stopped oil production completely.

Which organization includes both OPEC nations and Russia?

• OPEC Plus

• NATO

• BRICS

• G7

What happened to the global economy after the initial pandemic impact?

• It collapsed completely.

• It remained stagnant.

• It rebounded faster than expected.

• It continued to decline.

Why couldn't oil production keep up with demand in the last two years?

• Due to a decrease in oil prices.

• Because of new environmental regulations.

• Due to a rapid increase in demand.

• Because of a lack of resources.