Oil Shale Market Growth Analysis: Factors Driving Global Expansion 2030
Inflationary crude oil prices, coupled with the cost advantages of harnessing shale oil over conventional energy resources, are driving an upsurge in demand for oil shale worldwide. The global oil shale market is poised for substantial growth, fueled by rising car sales due to increased income levels, rapid urbanization, and the burgeoning demand for petrochemical products. According to the 2020 Oil report published by the International Energy Agency (IEA), global crude oil demand is forecasted to surge from 4.4 million barrels per day (mb/d) in 2019 to an estimated 104.1 mb/d by 2026. With such a dramatic uptick in crude oil demand on the horizon, the oil shale market is primed for corresponding expansion.
The escalating global appetite for energy has compelled governments to leverage mo...