Kuwait Strike Pushes Oil Higher as Production Curbed

The video discusses the impact of a strike in Kuwait that significantly reduced oil production, affecting global supply. It highlights the broader disruptions in oil markets due to low prices, with examples from Venezuela and Nigeria. The situation in Saudi Arabia is examined, focusing on economic challenges and social implications. The concept of backwardation in the oil market is explained, noting its unusual occurrence and potential future shifts.

What factors are contributing to the disruptions in oil production globally?

What does backwardation in the oil market indicate?