Goldman's Currie Sees 'Severe' Oil Supply Constraints

The video discusses the decline in capital expenditures (CapEx) since 2014, despite rising demand. It highlights that most oil producers, except UAE and Saudi Arabia, are producing less than in January 2020, leading to broad supply constraints. The video also addresses the impact of decarbonization on oil supply, particularly in non-core OPEC regions like Angola and Nigeria. The Russian shock exacerbates these constraints, creating a significant shortage reminiscent of the 1970s. The U.S. Strategic Petroleum Reserve (SPR) release is deemed insufficient to address the problem's scale.

What has been the trend in CapEx since 2014?

Which countries are producing less oil today compared to January 2020?

What are some of the regions mentioned that are facing supply constraints?

How has the Russian shock impacted the oil supply situation?

What measures have the Americans taken in response to the oil supply shortage?