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Boom or bust? Jury’s out on shale oil

Posted on 25 February 2013

The biggest development in global oil markets last year was arguably the spectacular rise of shale oil production in the US and the realisation of how transformational it could be. The oil side of the US shale gas revolution has been building steadily but it was only last year that it dawned on many forecasters that the US is set to overtake Saudi Arabia and Russia as the world’s biggest oil producer by the end of the decade.
Even the Saudi Arabian-controlled OPEC oil cartel was caught offguard. It was forced to revise oil production forecasts in its annual world oil outlook to say developed countries would be producing more oil in 2016 than developing countries………………………………………..Full Article: Source

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