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The Shale Revolution and the Dynamics of the Oil Market.
- Source :
- Economic Journal; Aug2024, Vol. 134 Issue 662, p2252-2289, 38p
- Publication Year :
- 2024
-
Abstract
- We build and estimate a dynamic, structural model of the world oil market to quantify the impact of the shale revolution. We model the shale revolution as a decrease in shale production costs and find that the resultant increase in shale production lowers oil prices by 24% in the short run and 48% once the shale oil transition is complete. Current oil price volatility is lowered by 8% to 23% depending on the horizon. We also find that OPEC core acts to keep its market share constant in the face of the dramatic increase in shale production. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 00130133
- Volume :
- 134
- Issue :
- 662
- Database :
- Complementary Index
- Journal :
- Economic Journal
- Publication Type :
- Academic Journal
- Accession number :
- 179512713
- Full Text :
- https://doi.org/10.1093/ej/ueae013