Shale oil boom has not shifted global supply- ECB paper

Photo of an oil derrick at sunset

The rapid recent increase in the production of shale oil does not appear to have significantly changed the fundamentals of global oil supply, a working paper published by the European Central Bank argues. 

In Much ado about nothing? The shale oil revolution and the global supply curve, Claudia Foroni and Livio Stracca start from a stylized model of the market. This has two producers of shale oil, “one facing low production costs and one higher production costs but potentially lower adjustment

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