“Shale Revolution” in the United States as the Main Driver of the World Oil Market Transformation

In 2018 the United States surpassed Saudi Arabia and Russia to become the largest world oil producer. The article focuses on the mechanisms through which the American shale revolution increasingly impacts functioning of the world oil market. The authors show that this impact is translated to the wor...

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Autores principales:	S. A. Zolina, I. A. Kopytin, O. B. Reznikova
Formato:	article
Lenguaje:	EN RU
Publicado:	Ассоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”) 2019
Materias:	shale revolution, tight oil, u.s., world oil market, crude oil, petroleum products, exports, supermajors International relations JZ2-6530
Acceso en línea:	https://doaj.org/article/79447e031d9542dbbaaf084100fee777
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id	oai:doaj.org-article:79447e031d9542dbbaaf084100fee777
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spelling	oai:doaj.org-article:79447e031d9542dbbaaf084100fee7772021-11-07T14:45:03Z“Shale Revolution” in the United States as the Main Driver of the World Oil Market Transformation2542-02402587-932410.23932/2542-0240-2019-12-6-4https://doaj.org/article/79447e031d9542dbbaaf084100fee7772019-12-01T00:00:00Zhttps://www.ogt-journal.com/jour/article/view/545https://doaj.org/toc/2542-0240https://doaj.org/toc/2587-9324In 2018 the United States surpassed Saudi Arabia and Russia to become the largest world oil producer. The article focuses on the mechanisms through which the American shale revolution increasingly impacts functioning of the world oil market. The authors show that this impact is translated to the world oil market mainly through the trade and price channels. Lifting the ban on crude oil exports in December 2015 allowed the United States to increase rapidly supply of crude oil to the world oil market, the country’s share in the world crude oil exports reached 4,4% in 2018 and continues to rise. The U.S. share in the world petroleum products exports, on which the American oil sector places the main stake, reached 18%. In parallel with increasing oil production the U.S. considerably shrank crude oil import that forced many oil exporters to reorient to other markets. Due to high elasticity of tight oil production to the oil price increases oil from the U.S. has started to constrain the world oil price from above. According to the majority of authoritative forecasts, oil production in the U.S. will continue to increase at least until 2025. Since 2017 the tendency to the increasing expansion of supermajors into American unconventional oil sector has become noticeable, what will contribute to further strengthening of the U.S. position in the world oil market and accelerate its restructuring.S. A. ZolinaI. A. KopytinO. B. ReznikovaАссоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”)articleshale revolution, tight oil, u.s., world oil market, crude oil, petroleum products, exports, supermajorsInternational relationsJZ2-6530ENRUКонтуры глобальных трансформаций: политика, экономика, право, Vol 12, Iss 6, Pp 71-93 (2019)
institution	DOAJ
collection	DOAJ
language	EN RU
topic	shale revolution, tight oil, u.s., world oil market, crude oil, petroleum products, exports, supermajors International relations JZ2-6530
spellingShingle	shale revolution, tight oil, u.s., world oil market, crude oil, petroleum products, exports, supermajors International relations JZ2-6530 S. A. Zolina I. A. Kopytin O. B. Reznikova “Shale Revolution” in the United States as the Main Driver of the World Oil Market Transformation
description	In 2018 the United States surpassed Saudi Arabia and Russia to become the largest world oil producer. The article focuses on the mechanisms through which the American shale revolution increasingly impacts functioning of the world oil market. The authors show that this impact is translated to the world oil market mainly through the trade and price channels. Lifting the ban on crude oil exports in December 2015 allowed the United States to increase rapidly supply of crude oil to the world oil market, the country’s share in the world crude oil exports reached 4,4% in 2018 and continues to rise. The U.S. share in the world petroleum products exports, on which the American oil sector places the main stake, reached 18%. In parallel with increasing oil production the U.S. considerably shrank crude oil import that forced many oil exporters to reorient to other markets. Due to high elasticity of tight oil production to the oil price increases oil from the U.S. has started to constrain the world oil price from above. According to the majority of authoritative forecasts, oil production in the U.S. will continue to increase at least until 2025. Since 2017 the tendency to the increasing expansion of supermajors into American unconventional oil sector has become noticeable, what will contribute to further strengthening of the U.S. position in the world oil market and accelerate its restructuring.
format	article
author	S. A. Zolina I. A. Kopytin O. B. Reznikova
author_facet	S. A. Zolina I. A. Kopytin O. B. Reznikova
author_sort	S. A. Zolina
title	“Shale Revolution” in the United States as the Main Driver of the World Oil Market Transformation
title_short	“Shale Revolution” in the United States as the Main Driver of the World Oil Market Transformation
title_full	“Shale Revolution” in the United States as the Main Driver of the World Oil Market Transformation
title_fullStr	“Shale Revolution” in the United States as the Main Driver of the World Oil Market Transformation
title_full_unstemmed	“Shale Revolution” in the United States as the Main Driver of the World Oil Market Transformation
title_sort	“shale revolution” in the united states as the main driver of the world oil market transformation
publisher	Ассоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”)
publishDate	2019
url	https://doaj.org/article/79447e031d9542dbbaaf084100fee777
work_keys_str_mv	AT sazolina shalerevolutionintheunitedstatesasthemaindriveroftheworldoilmarkettransformation AT iakopytin shalerevolutionintheunitedstatesasthemaindriveroftheworldoilmarkettransformation AT obreznikova shalerevolutionintheunitedstatesasthemaindriveroftheworldoilmarkettransformation
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“Shale Revolution” in the United States as the Main Driver of the World Oil Market Transformation

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