Want to know where CPG price is going? Read This, my friends, is the foundational principle guiding the CPG share price. The underlining is mine below in this excerpt from a reputable oil publication:
Furthermore, OPEC+ is not expecting US shale to boost production as prices continue to rise, giving producers an opportunity to compensate for lost revenues while preserving their market share. For shale oil to come back we need (1) to have oil demand returning to pre-pandemic levels, and (2) a sustained level of current prices over an extended period of time. This will be essential to restoring confidence in investing into the shale industry while minimizing risks. Last week’s EIA report showed the US production at 10 million bpd, 3.1 million bpd below its level a year ago. Under the current production scenarios, prices are expected to trade above $70 in March supported by prospects of market over-tightening, the increasing rate of global vaccination, and the increasing likelihood of certain countries returning to pre-crisis normality.