The rapid recent increase in the production of shale oil does not appear to have significantly changed the fundamentals of global oil supply, a working paper published by the European Central Bank argues. 

In Much ado about nothing? The shale oil revolution and the global supply curve, Claudia Foroni and Livio Stracca start from a stylized model of the market. This has two producers of shale oil, “one facing low production costs and one higher production costs but potentially lower adjustment