Bernstein Research has set a long-term oil price target of $75 per barrel, citing rising marginal costs and declining reserves. The global marginal cost of oil is projected to rise to $77 per barrel, while the average reserve life has fallen to a 20-year low of 10.4 years. The industry is currently reinvesting 61% of cash, below historical averages, which may lead to market tightness and higher prices.
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