I think North America will be largely spared the worst of the fallout. Canada is shielded by a petro currency and should benefit from the commodity boom. Gas might spike for a bit, but there is so much here that I don't think it will sustain in North America.
Oil is trickier since it seems like shale is shackled by wall street and OPEC is seemingly struggling bring their cuts back. Would expect at some point in 2022 the narrative will change in shale and some players will return to "smart" growth.
|