Oil Price Slides on UAE-Saudi Talks, U.S. Stockpile Gain

The video discusses the potential OPEC deal involving Saudi Arabia and the UAE, which could increase oil supply to the market. The market anticipates this deal, expecting more supply, which is needed due to rising demand. Despite vaccination efforts, global gasoline demand remains below 2019 levels, while naphtha and diesel demand are recovering due to increased online shopping and freight activities. The uneven recovery is highlighted by rising gasoline stockpiles in the US, affecting market dynamics.

What was the main reason for the delay in the OPEC deal involving Saudi Arabia and the UAE?

• Disagreement over production quotas

• UAE's demand for a higher production baseline

• Saudi Arabia's refusal to increase supply

• Lack of market demand

According to Goldman Sachs, what is the long-term outlook for oil prices due to the unity between UAE and Saudi Arabia?

• Uncertain

• Bullish

• Neutral

• Bearish

Which oil product has seen a recovery in demand due to increased online shopping and freight deliveries?

• Naphtha

• Jet fuel

• Gasoline

• Diesel

What is the current trend in gasoline demand compared to 2019 levels?

• Slightly increased

• Still down

• Significantly increased

• Unchanged

Which region is experiencing an increase in fuel oil demand for cooking purposes?

• Europe

• North America

• Africa

• Asia