What to Expect From Crude After Rising to 2-Week High

The video discusses recent trends in the oil market, highlighting a rise in oil prices to a two-week high in New York. Jeffrey Brown, President of Fge, forecasts oil prices reaching $70 per barrel by the fourth quarter, with potential increases to $75 or $80 if OPEC, particularly Saudi Arabia and Russia, maintain their current strategy. The discussion also touches on the possibility of OPEC's cohesion being tested if prices rise significantly, with historical instances of slippage and cheating at high price levels. The impact of reduced Venezuelan production and increased demand is also noted as factors tightening the market.

What role do OPEC and Russia play in the current oil price strategy?

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What potential risks does the speaker identify for the future of OPEC?

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