US crude output and its impact on oil prices: How the shale boom turned world oil markets on its head

The US shale boom, which began in 2011, tipped world oil markets into oversupply, causing crude prices to crash in 2015. Curtailments from OPEC has kept WTI above US$50, above breakeven for most shale producers, keeping oil prices lower for longer. As US supply growth continues to outstrip increases in global demand, the implications are enormous for countries like Canada, who still have billions of barrels in the ground.