Countries such as Argentina, Russia and Algeria hold shale oil deposits that could be even more bountiful than the regions at the center of the U.S. energy revolution.
The 23 most promising "tight" oilfields outside the U.S. and Canada have the potential to extract 5M bpd in the 2020s, a report from research firm IHS has estimated. "Does that affect the oil market? Yes, it does," IHS's Steve Trammel said.
A main problem, though, is that the cost of shale production in many countries is significantly higher than in the U.S., which means energy prices will need to rise in order for projects to be viable. (PR)