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 new insight or understanding did you gain from this video?