This time it’s different: outside of OPEC +, oil growth will stop

(Bloomberg) – “This time is different” is perhaps the most dangerous word in business: billions of dollars have been lost betting on history not repeat itself. And now, in the oil world, it looks like that time will really be. For the first time in decades, oil companies are in no hurry to ramp up production to chase rising oil prices when Brent crude nears $ 70. Even in the Permian, the productive shale basin at the center of the US energy boom, drills are defying their traditional boom-and-bust cycle of spending. The oil industry is on the ropes, constrained by Wall Street investors demanding that companies spend less on drilling and instead give more money back to climate change shareholders and activists who fight fossil fuels. Exxon Mobil Corp. is a paradigm for this trend after a tiny activist has beaten himself humiliatingly. The dramatic events in the …

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