It has been a volatile and unpredictable year in global oil markets, with price signals clouded by a growing list of competing drivers. From geopolitical tensions to macroeconomic shifts, both bullish and bearish forces are at play, making it increasingly difficult for analysts and investors to form a clear outlook. Amid this complexity, one structural factor stands out: U.S. oil production. As we look toward the second half of 2025 and 2026, the trajectory of U.S. shale output could prove decisive in shaping the global supply-demand balance. The…
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