The Effect of US Shale Oil Production on Local and International Oil Markets
نویسندگان
چکیده
US shale oil has created dramatic changes in international markets. The United States became the world's biggest producer of crude after it overtook Saudi Arabia and Russia then returned to exporting a stop that lasted more than four decades. Its imports decreased significantly. had remarkable impact on structure trade; Other producers, including OPEC, were affected by decline their shares global market financial revenues. Technological development played an essential role success reducing costs increasing economic feasibility. Therefore, is no longer highly sensitive lower prices, as was before. Furthermore, continuous increase prices from $24.4 per barrel 2001 $97 $111.6 2008 2012, respectively, enough make production economically profitable. Now, plays market, largest consumer and, behind China, second importer. Shale expected play growing sector industry future.
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ژورنال
عنوان ژورنال: International Journal of Energy Economics and Policy
سال: 2023
ISSN: ['2146-4553']
DOI: https://doi.org/10.32479/ijeep.14455