The most critical phase of the global oil market crisis is over. However, oil prices are still low, investments in oil production and exploration are being cut for the second consecutive year, and a high degree of uncertainty remains in the market. What are the short-term and long-term effects of underinvestment in the oil industry? How will it influence the resource-to-production ratio? Is the price increase seen in the recent weeks a long-term trend? Is this level of prices sufficient to recover investments? What is the role of shale oil production in the demand and supply balance and pricing in the mid-term? Is it possible to speak about the start of a new era in the development and regulation of the global oil market?