OPEC Forecasts Less Oil Demand as U.S. Builds Supplies

The video discusses OPEC's revised demand outlook for 2019, highlighting concerns over market share loss due to increased non-OPEC supply. Saudi Arabia's significant production cuts are examined, showing their commitment to stabilizing oil prices. The impact of rising US oil output and the role of the EIA and IEA in forecasting are also covered. Additionally, the video explores the challenges faced by Gulf refiners due to Venezuela's declining production and the resulting price increase in heavier crude grades.

What was OPEC's main concern regarding their market share in 2019?

• Decreased production costs

• Rising oil prices

• Loss of market share to non-OPEC nations

• Increased demand from OPEC nations

How did Saudi Arabia's compliance with production cuts in January compare to the OPEC plus deal?

• They were under-compliant

• They met the exact compliance level

• They exceeded the compliance level

• They did not participate in the cuts

How did the market respond to Saudi Arabia's production cuts?

• Oil prices decreased

• There was no response

• Oil prices remained stable

• Oil prices increased

What is the expected impact of US oil production on the global market?

• It will increase and pose a concern for OPEC

• It will have no impact

• It will remain stable

• It will decrease significantly

What factor contributed to the rise in prices of heavier grades of oil?

• Increased production in Venezuela

• Output cuts in Alberta and Venezuela

• Decreased demand in China

• Increased supply from Saudi Arabia