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 are the implications of OPEC curbing their demand outlook for 2019?

How does Saudi Arabia's production level in March compare to their previous outputs?

What is the significance of the US output in relation to OPEC's production strategies?

What factors are contributing to the increase in prices of heavier grades of oil?

How have US sanctions affected Venezuela's oil production?