- The world is moving toward a decarbonized energy system
- Renewable energy is expanding dramatically
- So is demand for natural gas
- U.S. shale oil and gas supplies are putting pressure on OPEC and Russia
A shift toward reduced fossil fuel usage – known as decarbonization – is well under way. However, the speed of the transition to a cleaner global energy system depends on economic and geopolitical factors marked by increasing uncertainty. These include the oversupply in global oil and gas markets, worldwide climate mitigation policies, the movement toward investing in a rapid phaseout of fossil fuels and new disruptive technologies. As the expansion of renewable energy sources accelerates, tight oil and shale gas exports from the United States will continue to grow, adding to the existing glut in the global oil and gas markets.