QuickTake: How Oil Prices Are Set

The video explores the complexities of the global oil market, highlighting the factors beyond supply and demand that influence oil prices. It discusses the impact of OPEC's decisions, the historical context of oil price fluctuations, and the potential future trends in oil pricing. The video also addresses concerns about underinvestment in oil production and the environmental implications of low oil prices, emphasizing the ongoing debate among OPEC members and environmentalists.

What are the main factors that influence oil prices according to the text?

What was the impact of the OPEC and non-OPEC producers' failure to agree on a production freeze?

How did the price of crude oil change from mid-2014, and what were the consequences?

What historical events led to the formation of OPEC and its influence on the oil market?

What concerns do environmentalists have regarding cheap oil?