Oil prices to remain low in short-term

The video discusses the impact of reduced oil production by major oil nations, which has not led to higher prices due to decreased global fuel consumption and increased stockpiles. Experts suggest that this surplus needs to be sold at lower prices, and the situation is unlikely to change soon. In the US, oil consumption may stagnate for decades, and while consumers may enjoy short-term price relief, the long-term economic outlook is concerning. If oil companies cannot afford new exploration, future shortages could lead to skyrocketing prices.

What was the intended effect of the production cuts by major oil nations?

• To stabilize oil prices

• To decrease oil prices

• To eliminate oil stockpiles

• To increase oil prices

Why are global oil prices not increasing despite production cuts?

• New oil discoveries

• OPEC's intervention

• Decreased fuel consumption and larger stockpiles

• Increased oil consumption

What is OPEC's current strategy in response to stagnant oil consumption?

• Increase production

• Limit damage

• Stop production

• Invest in renewable energy

What could be a long-term consequence if oil companies cannot afford new exploration?

• Decreased demand for oil

• Stable oil prices

• Increased oil stockpiles

• Future oil shortages and high prices

What price per barrel is needed to make new oil production capacities profitable?

• $30-$40

• $50-$60

• $80-$90

• $60-$70