Abstract:

Abstract US shale oil has created dramatic changes in international oil markets. The United States became the world's biggest producer of crude oil after it overtook Saudi Arabia and Russia and then returned to exporting crude oil after a stop that lasted more than four decades. Its imports of crude oil decreased significantly. US shale oil had a remarkable impact on the structure of international crude oil trade; Other producers, including OPEC, were affected by the decline in their shares in the global oil market and the decline in their financial revenues. Technological development has played an essential role in the success of US shale oil by reducing costs and increasing economic feasibility. Therefore, US shale oil is no longer highly sensitive to lower oil prices, as it was before. Furthermore, the continuous increase in crude oil prices from $24.4 per barrel in 2001 to $97 and $111.6 in 2008 and 2012, respectively, was enough to make shale oil production economically profitable. Now, the United States plays an essential role in the global oil market, as the largest consumer and producer and, behind China, the second largest importer. Shale oil is expected to play a growing role in the US oil sector and the global oil industry in the future. Downloads Download data is not yet available. Downloads FULL TEXT Published 2023-07-09 How to Cite Rodhan, M. A. (2023). The Effect of US Shale Oil Production on Local and International Oil Markets. International Journal of Energy Economics and Policy, 13(4), 433–443. https://doi.org/10.32479/ijeep.14455 More Citation Formats ACM ACS APA ABNT Chicago Harvard IEEE MLA Turabian Vancouver Download Citation Endnote/Zotero/Mendeley (RIS) BibTeX Issue Vol. 13 No. 4 (2023) Section Articles License Submission of an article implies that the work described has not been published previously , that it is not under consideration for publication elsewhere, that its publication is approved by all authors and tacitly or explicitly by the responsible authorities where the work was carried out, and that, if accepted, will not be published elsewhere in the same form, without the written consent of the Publisher. The Editors reserve the right to edit or otherwise alter all contributions, but authors will receive proofs for approval before publication. Make a Submission Make a Submission Dergi Kapağı

Keywords: