OPEC & Russia have their hand on the taps and can flood the market at anytime; $82 oil is a pipe dream and so is $70 oil. Inflationary pressures are already starting to appear just as the US, in particular, is at full employment. Runaway oil prices of $70+ would hurt the world economy and the heads at OPEC know this.
...and btw, shale is going to be around for decades...ask Exxon, who’ll be spending $35b over the next 10 years in the patch; Shell sizing up BHPs acreage, and the beat goes on...
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