OPEC Has Cheated on Quotas for Last 30 Years: Phillips

The video discusses OPEC's history of cheating on oil production quotas and the economic strategies of oil-producing countries like Saudi Arabia and Kuwait. It highlights the economic challenges faced by countries needing high oil prices to balance budgets. The focus then shifts to US shale production and its impact on global oil supply and demand, predicting adjustments in the market over the next year.

What has been OPEC's behavior regarding their oil production quotas over the past 30 years?

• They have eliminated quotas altogether.

• They have reduced their quotas significantly.

• They have frequently exceeded their quotas.

• They have strictly adhered to their quotas.

Why are Saudi Arabia and Kuwait able to withstand lower oil prices longer than other countries?

• They have higher oil production costs.

• They have large foreign currency reserves.

• They rely on international loans.

• They have diversified their economies.

Which countries are mentioned as needing oil prices above $100 to maintain their budgets?

• Saudi Arabia and Kuwait

• United States and Canada

• Libya, Iran, and Venezuela

• Norway and Russia

What is the current global situation regarding oil production and demand?

• Demand is exceeding supply.

• Production is at an all-time low.

• Supply and demand are balanced.

• There is a surplus of oil production.

What is expected to happen to US shale production in the next 6-8 months?

• It will be unaffected by global trends.

• It will remain stable.

• It will increase significantly.

• It will decrease as high-cost producers exit.