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This Time Is Different: Outside OPEC+, Oil Growth Stalls

  • With oil majors under attack, OPEC’s hand is strengthened
  • OPEC+ ministers meet June 1 to discuss gradual output hikes
Total SE Grandpuits Oil Refinery Ahead of AGM
Photographer: Cyril Marcilhacy/Bloomberg

“This time is different” may be the most dangerous words in business: billions of dollars have been lost betting that history won’t repeat itself. And yet now, in the oil world, it looks like this time really will be.

For the first time in decades, oil companies aren’t rushing to increase production to chase rising oil prices as Brent crude approaches $70. Even in the Permian, the prolific shale basin at the center of the U.S. energy boom, drillers are resisting their traditional boom-and-bust cycle of spending.