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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.
17:41
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Quick takeaways
- US shale production has shifted global oil dynamics away from the Middle East.
- Shale revolutionized oil industry with hydraulic fracturing, making US the largest oil producer globally.
Deep dives
Shift in Global Balances Due to Shale Production
The 1970s saw the Middle East as the primary oil-producing center, leading to global reliance on countries like Saudi Arabia and Iran. Turbulent events in the Middle East caused oil prices to skyrocket, impacting the global economy. However, recent conflicts, such as the Iran-Israel tensions, failed to significantly impact oil prices due to the rise of US shale production. The dominance of US shale has shifted the global oil market dynamics, reducing the influence of the Middle East.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode