- The oil price had been making a recovery since late March. Global demand picked up and OPEC+ has seemingly taken a cautious stance toward increasing output.
- Interestingly, money is not flowing back into shale oil despite a rising oil price. Small increases in some basins have been partially offset by even smaller reductions in others.
- Many still see higher prices, though. If not imminently, then down the line, as recovering demand meets the lack of capex in new production, resulting in a supply crunch.
For further details see:
Oil Price Could Hit A Different Kind Of Peak Oil In The Years Ahead