What's Driving the Decline in Crude Oil Prices?

The video discusses the impact of increased US oil production, which has reached a 30-year high due to shale production, on global oil markets. Traditional exporters like Saudi Arabia and Latin America are finding new markets as US imports decline. The US has also increased its oil stockpiles, affecting global oil prices. Suppliers are cutting prices to compete in new markets, with significant changes in oil imports to China from countries like Colombia and Russia.

Which countries have seen changes in their oil import patterns into China?

What strategies are suppliers using to adapt to the changing oil market?