CLEAN : Oil collapses close to $30 per barrel

The video discusses the decline in oil prices, which have reached a 12-year low, and the resulting cost-cutting measures by major oil companies like BP. It explores the oversupply in the market, driven by the growth of shale oil in North America and OPEC's decision to maintain production levels. The video also highlights the balance between maintaining market share and raising oil prices, as well as the positive impact of lower oil prices on consumers and global economies. However, it notes the challenges faced by oil-producing countries due to falling revenues. The unpredictability of the fracking industry and concerns about China's growth are also discussed as factors affecting future oil prices.

What has been a significant consequence of the recent drop in oil prices?

• OPEC increasing production levels

• Higher demand for oil globally

• Major oil companies implementing cost-cutting measures

• Increased investment in oil exploration

What strategy has OPEC adopted in response to the oversupply in the oil market?

• Collaborating with North America

• Reducing production levels

• Maintaining current production levels

• Increasing oil prices

How have low oil prices affected consumers globally?

• Considerable savings on fuel costs

• Decreased household savings

• Increased fuel costs

• Higher input costs for producers

What challenge do oil-producing countries face due to falling oil prices?

• Expansion of oil production

• Higher demand for oil

• Need to cut back on costs

• Increased revenues

What factor has contributed to the unpredictability of the oil market?

• Stable growth in China

• Predictable demand patterns

• The growth of fracking and the shared industry

• Consistent oil prices