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.
Xu Qinhua is a professor at the School of International Studies at Renmin University of China. She graduated from Beijing Foreign Studies University and Renmin University of China and has also studied at the University of Economics in the Czech Republic. She was the visiting scholar at University of Denver and University of California Berkeley, and senior researcher at the Asia Pacific Energy Research Center.
Matt Ferchen specializes in China’s political-economic relations with emerging economies. At the Carnegie–Tsinghua Center for Global Policy, he runs a program on China’s economic and political relations with the developing world.
Mikkal E. Herberg is research director of NBR's Energy Security Program. He is also a senior lecturer on international and Asian energy at the Graduate School of International Relations and Pacific Studies, University of California, San Diego.