How U.S. Shale Upended Global Crude Flows

The U.S. removed the ban on American crude oil exports to countries other than Canada in 2015, unleashing a new force on the global oil market to be reckoned with.  Soaring shale production over the past half-decade has not only helped America to reduce its reliance on foreign oil imports, but it has also created a new global player on the market, taking market share from the top exporters, Saudi Arabia and Russia.

   The shale boom—especially in the years 2017-2019 when U.S. exports were no longer restricted—frustrated…