Raymond James Analyst: Oil Could Reach $80 Next Year

The video discusses the oil industry's price trends and forecasts, highlighting that the industry does not need $80 per barrel to grow supply. It examines the supply glut and inventory trends, suggesting that global inventories are shrinking, which could lead to higher prices. The critique of the IEA forecasts points out discrepancies in demand and non-OPEC supply predictions. The video also provides insights into the OPEC meetings, suggesting that production agreements are more of a PR exercise and not the main issue for the oil market.

What role do global inventories play in the oil market as discussed in the text?

What implications does the text suggest about non-OPEC supply in 2017?