Back then shale oil production increased significantly and cheap credit to invest flooded the market, supressing oil prices. There has been no substantial increase to oil production because it wasn't economically feasible (oil prices too low) and because of ESG discouraged new sites. This caused underinvestment in the oil sector. Yet oil demand has continued to increase worldwide and is forecast to continue.
Switch on Ronnie. It is different this time.
https://www.iea.org/data-and-statistics/charts/us-shale-oil-prospects-2010-2024
https://www.statista.com/statistics/271823/daily-global-crude-oil-demand-since-2006/
Back then shale oil production increased significantly and cheap...
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