TRANSFORMATIONS IN GLOBAL OIL MARKETS IN LIGHT OF THE SHALE OIL REVOLUTION

Abstract

The beginning of shale oil production was in 2008, and it entered production in 2014 due to the rise in global oil prices. This led to a major boom in global oil markets in terms of prices and production by the main countries that produce crude oil, such as members of the OPEC countries, as oil prices declined. Largely due to the increase in oil supply, and this led to a decline in the amounts of oil revenues from producing countries, as well as a decrease in the amount of investments in the oil sector. Accordingly, the study concluded not to rely on the oil sector for exports and to work to increase economic diversification in its exports in order to confront the price fluctuations that It is said in the global oil markets that the oil markets have transformed from markets for oil producers to markets for consumers due to the control of the major oil consuming countries in large quantities over the oil markets.