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America's abundant shale deposits have moved concerns over the much larger oil reserves and production in the Middle East. This weekend reminded how important the region remains.
In Saudi Arabia, the forced shutdown of more than half of its crude output, or about 5% of world supply, should be brief but shocking. Energy traders had become wary of geopolitical risk, in part because large areas of oil shale, particularly the Permian Basin in western Texas and New Mexico, led to increased oil production. World.
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