OPEC shocks oil markets with plan to keep crude output constrained

Brent was close to USD 70 today. WTI not far behind. Those are not really very low oil prices anymore. If OPEC’s policy drives this price up a lot more we will see a lot of action on shale again. Mr. Biden’s policies won’t dent that too much. Shale was hurting for a long time now – some companies have used the time to innovate. Throw fresh money on this innovation and see what happens.

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