US shale oil producers are becoming increasingly efficient, potentially impacting future oil prices. The decoupling of oil demand from economic growth, driven by the rise of EVs and renewable energy, signals a structural change in markets, particularly in China, where oil consumption has declined for six consecutive months. OPEC's hopes for a recovery in oil demand are fading, as they postpone production increases and lower growth forecasts, while the developing world, especially India, may not compensate for China's reduced appetite for oil.