The United States set a record in December by producing more oil than any country in any single month in history, thanks largely to the shale industry.
Despite concerns about weak demand from China, the idea of peak oil has faded, mainly due to the resilience of shale oil production.
Oil prices could rise significantly, especially if geopolitical tensions in the Middle East escalate further, indicating the market's vulnerability to external factors.
Major oil companies can still profit at current prices around $67-$68, though their margins are slimmer compared to when oil was at $90 or higher.
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