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Aside from its immediate, stunning impact on the financial markets, the recent 25% drop in crude oil prices may have longer-term implications.
Following not only OPEC+'s failure to cut production at the OPEC meeting last week, but rather an apparent increase of production from key suppliers, we expect crude oil to remain under $40 per barrel (bbl) for some time, with risks to fall materially lower should the production increases endure for multiple quarters. This will have repercussions for many industries, notably U.S. shale oil, and for consumers around the world.