Crude oil's fate could be in hands of commodity supercycle

OPEC+ will have an important say in how the oil supercycle plays out. Oil prices are now at a level that could bring at least the smaller US operators back and even start to tempt renewed longer-cycle

The battle lines have been drawn in the oil supercycle debate. On one side stand those who see oil investment cornered by capital discipline and environmental curbs, and on the other those who see US shale and the OPEC+ producer group providing enough supply reinforcements. But oil’s fate could lie in the broader commodity boom.

A swathe of commodities assessed by S&P Global Platts have started 2021 with a bang. Copper, arguably the most critical of industrial metals, has burst beyond $9,000/mt for the first time in a decade. And high-profile investment banks have talked up the prospect of a commodity