has been undulating
Present perfect progressivehe/sheconjugation ofundulate.

undulate

This conclusion fits the latest output data, which shows that world oil production has been undulating but gradually falling since around 2005.
Esta conclusión coincide con los últimos datos de producción, que revelan que la producción mundial de petróleo ha estado ondulando pero cayó gradualmente desde aproximadamente el año 2005.
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