No. The world wide demand for oil has exploded as the rest of the world (including big population countries like china, india, brazil etc) have become rich.
So that indicates that the high price of oil is here to stay; in fact, it may continually get higher as those countries and others become wealthier and more modern. So, perhaps it will remain economically feasible to develop our shale deposits.
Been to India or Brazil lately? “Rich” is not the descriptor I would use.
Yes, Rest of World demand is increasing, but the demand curve of Europe, Japan, and the U.S. is depressed. That has indeed kept the price pressure lower than if the latter were enjoying robust growth.