OPEC Has Cheated on Quotas for Last 30 Years: Phillips

The video discusses OPEC's history of cheating on oil production quotas and the economic strategies of oil-producing countries like Saudi Arabia and Kuwait. It highlights the economic challenges faced by countries needing high oil prices to balance budgets. The focus then shifts to US shale production and its impact on global oil supply and demand, predicting adjustments in the market over the next year.

What factors contribute to the current imbalance between oil supply and demand?

In what ways do US shale producers affect global oil supply and demand?