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      "text": "Since April 2020, oil prices have increased by a factor of 5 and gone up in 14 of the last 19 months.",
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      "text": "IOC investment to grow marginally: The 2014-2015 downturn was a turning point for IOC capital spending. The pandemic gave the industry another reason to hold the line on investment, and 2022 projections show only small increases.",
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      "text": "Henry Hub and LNG take different paths: Warmer-than normal weather in the US combined with recovering production interrupted the rally in Henry Hub prices, while uncertain Russian supplies and stressed infrastructure drove prices in Europe to record levels.",
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      "text": "OPEC dominance clear: OPEC's ability to influence the supply and demand balance was openly questioned during previous oversupply episodes. Recovery from the 2020 crisis has been entirely OPEC-led and given us valuable clues for how the market might be managed as energy transition pressures oil demand.",
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      "text": "Market resilient despite multiple shocks: Since April 2020, oil prices have increased by a factor of 5 and gone up in 14 of the last 19 months. This steady, consistent rebound has occurred in the face of unprecedented political, social and economic turmoil.",
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      "text": "Q1 trends",
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