Goldman's Currie Sees 'Severe' Oil Supply Constraints

The video discusses the decline in capital expenditures (CapEx) since 2014, despite rising demand. It highlights that most oil producers, except UAE and Saudi Arabia, are producing less than in January 2020, leading to broad supply constraints. The video also addresses the impact of decarbonization on oil supply, particularly in non-core OPEC regions like Angola and Nigeria. The Russian shock exacerbates these constraints, creating a significant shortage reminiscent of the 1970s. The U.S. Strategic Petroleum Reserve (SPR) release is deemed insufficient to address the problem's scale.

What has been the trend in capital expenditure (CapEx) since 2014?

• CapEx has increased by 35%

• CapEx has remained stable

• CapEx has decreased by 35%

• CapEx has decreased by 50%

Which countries are exceptions in maintaining their oil production levels since January 2020?

• Venezuela and Iran

• Russia and USA

• UAE and Saudi Arabia

• Nigeria and Angola

What are the main challenges faced by non-core OPEC countries like Angola and Nigeria?

• High taxation

• Deep-water offshore platform issues and decarbonization

• Political instability

• Lack of skilled labor

What historical period is compared to the current supply constraints?

• The 1970s

• The 2000s

• The 1990s

• The 1980s

What was the purpose of the U.S. Strategic Petroleum Reserve (SPR) release?

• To increase oil prices

• To address the scale of the supply problem

• To reduce oil production

• To support renewable energy initiatives