The global oil shale market is currently undergoing a notable transformation, driven by a convergence of key factors. Notably, the upward trajectory of crude oil prices and the economic benefits associated with shale oil extraction over conventional energy resources are serving as key catalysts for this shift. This transformation is further augmented by the rise in automobile sales, attributed to growing income levels and rapid urbanization, which is significantly bolstering the demand for oil shale. As a direct consequence of the escalated need for petrochemical products, a corresponding increase in crude oil demand is projected.
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The projections provided in the 2020 Oil Report by the International Energy Agency (IEA) indicate a substantial global increase in crude oil demand, rising from 94.4 million barrels per day (mb/d) in 2019 to a projected 104.1 mb/d by 2026. This rapid acceleration in crude oil demand is expected to generate a parallel expansion in the oil shale market.
Governments and leading oil and gas companies are proactively adopting advanced technologies to unlock previously unexplored oil and gas resources in the upstream sector. This strategic approach is aimed at offsetting the decline in production from conventional oilfields. Evidently, substantial investments are being allocated to mature oil and gas regions. At present, a notable total of 65,000 active oil and gas fields across the globe collectively contribute an impressive revenue of USD 2.1 trillion.
Shale oil production emerges as a game-changer in the global oil market, characterized by its departure from traditional methods. This approach facilitates the drilling of multiple wells from a single platform, enabling heightened flexibility. Technological advancements enabling the extraction of crude oil from shale rock formations have ushered in a substantial shift in U.S. oil production. Over the last decade, shale oil production in the United States has surged from around 450,000 barrels per day (bpd) to well over 5 million bpd, constituting more than half of the nation’s total crude oil production. This rapid surge in production has propelled the U.S. to the position of the world’s largest oil-producing nation, surpassing Saudi Arabia’s output by 2 million bpd in 2017.
In this dynamic landscape, the fuel category is poised to lead the global oil shale market, maintaining its stature as the fastest-growing segment. This prominence is rooted in the enduring reliance on fossil fuels, driven by factors such as population growth, increased vehicle ownership, and convenient access to gasoline. Furthermore, the escalating demand for electricity in power plants adds momentum to the growth of the fuel segment.
Zooming in on the Asia-Pacific region, it emerges as a significant player in the growth of the oil shale market. The region’s expanding oil and energy sectors, coupled with an increasing preference for oil shale as an alternative component in conventional fuels, stand as critical drivers. The substantial oil consumption rates in countries like China and India position them as key contributors to the demand for oil, thereby influencing the expansion of the oil shale market in the region.
Prominent players in the competitive landscape of the oil shale market include American Shale Oil, General Synfuels International, Oil Shale Exploration Company, Central Pacific Minerals, BP, Harbin Coal Chemical Company, Japan Oil, Baraka Energy & Resources, Ambre Energy, Gas & Metals National Corp (JOGMEC), Chevron Shale Oil Company, Oil India Limited (OIL), Independent Energy Partners (IEP), Queensland Shale Oil Limited, Israel Chemicals Ltd, Royal Dutch Shell, and others.
Browse Oil Shale Market Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030: https://www.fairfieldmarketresearch.com/report/oil-shale-market
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