RE:RE:RE:Oilprice.comChina has been buying Iranian oil all year, ~ 400,000 barrels a day. So there is a lot less new capacity there than the market thinks.
I agree though, I'd love to see an $80 WTI average for the year, but the market works by price discovery and reaction.
Try a price range for a while, see what happens to demand, see what happens to supply, try a new price range. The 70's were done for a while, and demand outpaced supply, leading to huge inventory drawdowns, even with Biden's SPR release.
I suspect the market will try the 80's for a while, to see what the S/D balances look like there.
At some point, the market will NEED US shale to grow faster, once OPEC + runs out of spare capacity.