You are absolutely correct in hindsight...but big thing have happened over that last 12 months.
Assuming a slightly higher price per barrel happens in the following months I believe you will see some of those capped wells (which aren’t counted in production numbers) tapped, with a resulting decrease in global oil prices once the additional supply kicks in.
The magic price looks like something around $70 per barrel.
Of course I could be all wrong with my prediction. Time will tell!
“The magic price looks like something around $70 per barrel.”
The US should tariff imported oil to bring it to $70-$75 bbl.
And keep that posture for at least a decade.
It would be transformative. And further our strategic position.