In a Nutshell
- In the absence of the US fracking boom, the global price of crude oil since 2011 would have been as much as $10 per barrel higher.
- This effect pales in comparison with the decline in the oil price that took place after June 2014, to which shale oil contributed little.
- Given the likelihood of persistent low oil prices, fiscal retrenchment looks essential for Arab oil-exporting countries. A natural starting point would be phasing out domestic subsidies on energy consumption.
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