US oil majors in the Permian seem to be aligning investment more with OPEC+.

Historically, during downturns like those in 1986, 1998, 2014, and 2020 - Saudi Arabia has taken decisive actions on market share. In that regard, investment-wise, majors like Oxy, Chevron, and Exxon are shifting focus outside the Permian, targeting places like Guyana. US production is becoming more price-sensitive, with large companies likely holding back, to align with OPEC+ strategies in their investment cycle. The exception will be LNG, where I anticipate significant US investment.

Outlook for oil prices?

I see us heading towards a steady price range of $60-90 for WTI that will last for several years, barring any major disruptions like an attack on Iran’s Kharg Island. The advancement of technology lets us track supply-demand dynamics almost in real time. US energy demand will be steady going forward. The real growth will be in countries like India, China, and Africa. With shifting policies on green energy, demand could even increase. The US election result won’t change the outlook for oil much. If a Trump presidency introduces significant

sanctions on Iran, OPEC may benefit, allowing countries like Iraq, UAE, and Saudi Arabia to add barrels to the market. Overall, I believe we will remain in a stable price range.