import numpy as np
import cv2

cap = cv2.VideoCapture('https://www.youtube.com/watch?v=oCUqsPLvYBQ')

while(True):
    # Capture frame-by-frame
    ret, frame = cap.read()

    # Display the resulting frame
    cv2.imshow('frame',frame)
    if cv2.waitKey(1) & 0xFF == ord('q'):
        break

WARNING: Couldn't read movie file https://www.youtube.com/watch?v=oCUqsPLvYBQ
OpenCV Error: Assertion failed (size.width>0 && size.height>0) in imshow, file /tmp/opencv20160107-29960-t5glvv/opencv-2.4.12/modules/highgui/src/window.cpp, line 261

import cv2, pafy

url = "https://www.youtube.com/watch?v=aKX8uaoy9c8"
videoPafy = pafy.new(url)
best = videoPafy.getbest(preftype="webm")

video=cv2.VideoCapture(best.url)