Behind the Money How shale rewrote the global oil order
May 1, 2024
Exploring how US shale has disrupted the global oil market dominated by the Middle East, impacting oil prices and geopolitical dynamics. Discussing the sustainability of US shale production amidst conflicts and the implications for the future of the global economy.
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Shale's Impact
- US shale production has shifted oil's epicenter away from the Middle East.
- This reduces the impact of Middle Eastern conflicts on global oil prices.
2024 Oil Market Stability
- Despite escalating conflict between Iran and Israel in April 2024, oil prices remained steady.
- This stability demonstrates the impact of US shale production.
Shale Oil Production
- Shale refers to the rock formation, but the extracted hydrocarbons are crude oil.
- US shale oil production exceeds 13 million barrels daily, surpassing all historical records.