Full tank of petrol for typical family car hits £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 with the pandemic, when major oil producers, including OPEC and Russia, reduced production by 10% due to decreased demand. However, the global economy rebounded faster than expected, causing demand to outpace production.

How has the war in Ukraine affected global oil supply?

• It has disrupted Russian oil exports.

• It has decreased global oil demand.

• It has increased oil production.

• It has stabilized oil prices.

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

• They stopped oil production completely.

• They increased oil production.

• They maintained the same level of production.

• They reduced oil production by 10%.

Which organization includes both OPEC nations and Russia?

• G7

• BRICS

• OPEC Plus

• NATO

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

• It declined steadily.

• It slowed down significantly.

• It rebounded faster than expected.

• It remained stagnant.

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

• There was a lack of oil reserves.

• New regulations limited production.

• The demand surged rapidly.

• Production facilities were destroyed.