Shale Is Keeping the World Awash With Oil as Conflicts Abound

A surprise increase in U.S. oil and gas production and exports is helping to maintain global inventories, softening the impact of the crisis. worsening conflict in the Middle East which has crippled key shipping lanes.

When Iranian-backed Houthi militants began launching missiles and drones at ships crossing the Red Sea near Yemen in October, many feared that disrupting this vital shipping lane would drive up oil prices. ‘energy. But oil and gas prices fell last month by about 5% and 23%, respectively.