The shale revolution took everyone by surprise. A combination of factors, including high prices leading to new technology developments, transformed abundant but previously uneconomic shale resources into an economically viable oil resource. The development has so far largely benefitted the US and is likely to have wider implications on the global market for oil.

<i>The United States, the largest oil consumer in the world, is leading the shale revolution. In 2009, for the first time since 1985, US oil production reversed its declining trend, and in 2012 it grew more than in any year since the beginning of the domestic industry in 1859. The US is expected to become the world’s la...

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Dr. Carole Nakhle
Major oil exporters such as Russia and the Middle East could see a significant worsening of their trade balances by around 4-10 per cent of GDP in the long run if they fail to develop their own shale oil resources
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