The drop in oil prices from over $120 US per barrel in 2022 to $67 US signals significant changes in market dynamics, as production outpaces consumption.
Oil companies have shifted focus from rampant growth to returning money to shareholders, indicating a new discipline in the industry, according to Raoul LeBlanc.
Despite enjoying historic profits, experts suggest the days of high oil prices could be numbered as global production increases.
The oil sector underwent a transformation, becoming less cyclical and emphasizing profitability over reckless production growth, marking a significant industry evolution.
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