Carnegie Endowment Events

The development of technologies to extract unconventional resources such as shale oil have led to low global crude prices. This constitutes a global oil paradigm shift. It encourages the two largest consumers of oil to consume even more, which means their decisions on how to react to this low oil price environment have a significant impact on the global oil market. The United States and China are also significant foreign policy actors in energy resource rich regions such as Sudan, South Sudan, and the Middle East. Xu Qinhua, Mikkal Herberg, and Matt Ferchen discussed how China and the United States are reacting to this paradigm shift and what the global implications of their actions are.