December saw the U.S. achieving a historic milestone in oil production, surpassing all past records globally. Shale continues to be a central pillar of this impressive output.
Despite expressing concerns over China's economic slowdown, it's clear the narrative around 'peak oil' has been decisively debunked, as the U.S. consistently boosts its output.
The conversation around oil prices remains dynamic, with current prices floating between $67-$68; however, potential geopolitical turmoil could reignite upward pressure soon.
Oil companies remain resilient, continuing to profit even amid dips in prices, albeit not at the same robust levels as when prices surge.
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