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Oil was around $30 pbl for many years before a spike in 2018. In the US it led to a more efficient fracking system hence the Permian basin is one of the most productive worldwide. So this is not uncharted territory. What is causing difficulty is the lack of transportation which in turn is reducing requirement. Which is where the storage issues arise. Hence the use of super tankers, many of which are still moored of Singapore, as temp storage.
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