Gorry: Oil Prices Could Easily Go To $130

The video discusses the current state of the oil market, focusing on OPEC's decision to maintain its supply plan despite rising prices and geopolitical tensions, particularly the Ukraine situation. It explores the speculation around oil prices, with potential spikes to $130 or even $200 due to backwardation and market dynamics. The impact of Russian oil, which is not currently sanctioned but faces self-sanctioning, is also examined. The discussion highlights the challenges faced by big oil companies in ramping up production, especially in light of reduced resource bases in Russia and the potential for increased US shale oil production.

What factors are influencing the speculation in the oil market?

What is the significance of Russian oil in the current market context?

What challenges do big oil companies face in ramping up production?