IEA Cuts Oil Demand Forecast, Why the Erosion?

The video discusses the International Energy Agency's (IEA) repeated cuts in oil demand forecasts, particularly affecting major oil-exporting countries like Russia, whose economy is suffering due to sanctions and low oil prices. Despite these challenges, US shale production is expected to grow. The video also examines the broader trends in oil prices, noting a significant decline from previous highs, and considers market reactions to these changes.

What does the IEA report suggest about US shale production despite lower crude oil prices?

What are the implications of higher production from non-OPEC nations on oil prices?