U.S. Oil Production to Self-Correct to 11 Million Barrels: Tom Petrie

The video discusses the dynamics between Saudi Arabia and Russia, focusing on their cooperation and its breakdown. It highlights the historical context of their relationship, particularly the 'Thanksgiving surprise,' and how they aimed to influence the supply curve. The video also examines the impact of US oil production on the market and the potential for self-correction. The near-term effects of these dynamics are considered beneficial for Russia, despite poor long-term prospects.

What was the unexpected element in the cooperation between Saudi Arabia and Russia?

• The involvement of the US

• The increase in oil prices

• The speed of their diminishing cooperation

• The speed of their cooperation

What was the primary goal of the cooperation between Russia and Saudi Arabia during the Thanksgiving surprise?

• To form a new alliance

• To bend the supply curve

• To decrease oil production

• To increase oil prices

How did the Saudis react to the breakdown of their relationship with Russia?

• By increasing oil prices

• By reducing oil production

• By reacting powerfully to drive prices lower

• By forming a new alliance with the US

What was the US's role in the recent oil market changes?

• The US formed a new alliance with Saudi Arabia

• The US increased its oil production from 10 to 12.5 million barrels a day

• The US imposed sanctions on Russia

• The US decreased its oil production

What is Russia's current strategy regarding the oil supply curve?

• To bend the supply curve again

• To form a new alliance with Saudi Arabia

• To decrease oil production

• To increase oil prices