Some OPEC Nations Are Accused of Cheating on Output Quotas

The video discusses the dynamics of supply and demand in the oil market, highlighting the impact of the COVID-19 pandemic on demand and the subsequent recovery. It covers the significant supply cuts by OPEC+ and the market-driven reductions in North America. The discussion also touches on the potential risks of rapid price increases and the anecdotal evidence of US shale production reactivation. The video further explores the elasticity of US supply and the internal disagreements within OPEC regarding output cuts.

What factors contributed to the demand collapse mentioned in the text?

How did the OPEC plus group respond to the changes in demand?

What concerns are raised regarding the production increase in the US shale patch?

What are the implications of the disagreements within OPEC regarding output cuts?

Discuss the elasticity of US supply as described in the text.