How shale rewrote the global oil order

Behind the Money

Topher Forhecz

Markets, Investing, News, Banking, Finance, Business, Business News, Crypto

4.4 • 350 Ratings

🗓️ 1 May 2024

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

For decades, countries in the Middle East have dominated the oil market, pumping large quantities of the world’s supply. Along with that has come a pattern: when there’s conflict in the region, oil prices rise. The pattern seems to be breaking though, mainly because of one thing: US shale. The FT’s Myles McCormick explains how production in the country shifted oil’s epicentre away from the Middle East, and how long that may last.

Clips from Al Jazeera, CBS, CNN

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For further reading:

How US shale keeps sheltering America from the next oil price surge

On markets and geopolitics, it is a mistake to forget about shale

Why oil prices remain steady even as Middle East tensions escalate

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On X, follow Myles McCormick (@mylesmccormick_) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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Transcript

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0:00.0	Am I missing anything? Is this the right decision?
0:02.0	Can I show this data?
0:04.0	Am I too late?
0:05.0	Find clarity in your investment decision-making.
0:08.0	Manage your portfolio for sustainable growth
0:11.0	and regulatory alignment
0:12.0	with the ultimate blend of powerful AI and
0:14.6	industry expertise.
0:16.5	Reduce risk, meet your sustainability goals and push the boundaries of possibilities based on
0:21.1	facts, not opinions.
0:23.0	Clarity AI scaling human decisions through tech.
0:26.6	Visit clarity.
0:28.0	Aye and take action today.
0:29.7	Let's go back to the 1970s and think about oil and the global economy.
0:39.0	You had a scenario where the US was this kind of declining oil producer.
0:44.4	That's Miles McCormick.
0:46.4	He covers energy for the F.T.
0:48.3	And all the geopolitical power when it came to oil was largely centered around the Middle East because
0:55.0	that was where the bulk of the world's oil was being produced and being exported from and
1:01.8	it was a growing source of oil.
1:04.8	Countries in the Middle East, members of OPEC, like Saudi Arabia or Iran,
1:10.0	are pumping more and more oil.
	...

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