As recent as six months ago, much of the world was convinced that oil prices would remain lower for longer, with most experts anticipating oil prices would remain in a band between $40 and $60 for a very long time. It was thought that demand was peaking, shale had boundless growth, and OPEC (Organization of the Petroleum Exporting Countries) had abundant spare capacity. However, the fundamentals of oil (supply/demand and oil inventories) have forced this consensus view to change.
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