Shale-oil output to hit 14 million b/d by 2035

Global shale-oil output will see a steep rise over the next 20 years, according to a new report, writes Helen Robertson

Global shale-oil output will soar over the next 20 years, possibly to as much as 14 million barrels a day (b/d), according to a new report by PricewaterhouseCoopers (PwC). In its report, Shale oil: the next energy revolution, the consultancy said it expects shale-oil production could make up as much as 12% of expected total global crude oil supply in 2035. This increase could cause oil prices to fall by up to 40%, the equivalent of around $100/b in real terms. The US Energy Information Administration (EIA) says Brent prices could reach $163/b by 2040, up from an average of around $116/b last year. “The potential emergence of shale oil presents major strategic opportunities and challenges for