The unprecedented growth of US shale over the last decade, particularly in the Permian basin, upended the global oil market with a multitude of independents wresting de facto control from the Opec cartel. This will be severely tested in the coming months as Saudi Arabia and others ramp up production in search of market share. But, either way, the days of breakneck growth at the expense of solid financial fundamentals are long gone. Technology and efficiency gains have allowed producers to dramatically cut costs while achieving record production volumes, which in turn attracted a fresh influx of companies.
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