What Led to the Decline in Oil This Week?

The video discusses the recent decline in oil prices, primarily driven by the gasoline market. Despite strong consumption expectations, refineries produced excess gasoline, leading to reduced crude oil consumption. The market has also ignored bullish news like US production declines and geopolitical issues. However, bearish factors such as increased Iranian oil and high inventories have kept prices stable. The consensus is that oil prices may remain between $45 and $50 per barrel by the end of 2016.

What are the implications of the production decline in the U.S. oil market?

Discuss the geopolitical factors affecting oil production in Nigeria and Iran.