Shale revolution: fundamental changes in the oil market

US oil production between 1990 and 2040
US oil production between 1990 and 2040

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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