Oil Hit by Surplus, Economic Concerns in Slide Near 15-Month Low

The transcript discusses the challenges faced by OPEC in controlling the oil market, highlighting a lack of faith in OPEC's ability to deliver on production cuts, with Saudi Arabia bearing most of the burden. It also covers the impact of a shale boom on oil supply, global growth concerns affecting demand, and the strategic relationship between OPEC and Russia. Additionally, it addresses Saudi Arabia's budget issues due to oil price assumptions and the pressure from the White House for lower prices.

What factors are contributing to the lack of faith in OPEC's ability to control the oil market?

What is the significance of Russia's role in the OPEC agreement?

How does the current oil price impact the supply of oil from shale?

In what ways is global growth affecting the oil market, particularly in emerging markets?

What challenges do the Saudis face regarding their budget assumptions about oil prices?