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Economy

Low oil prices reshaping the world economy

A shale oil pump in Texas

TOKYO -- Cheap oil is becoming the norm for the world, radically changing the dynamics of the global economy.

     A sharp increase in the global supply because of the shale-oil revolution and economic slowdowns in major emerging economies have combined to cause oil prices to plummet. With these factors likely to remain in place for the foreseeable future, the world will have to adjust to the huge implications of low-cost crude.

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