Exponential human and economic growth worldwide impacts the consumption of coal, oil, and natural gas, and thus their prices. World energy demand will continue to increase as a result of robust economic growth and expanding world populations, which is expected to reach 8.6 billion in 2035+.
Consumption is also expected to increase by 53 percent, from 505 quadrillion Btu in 2008 to 770 quadrillion Btu in 2035 and overall global demand is set to increase by one third from 2010 to 2035, with China & India accounting for 50% of the growth. – Annual Energy Outlook 2011, Energy Information Administration, USA
– World Energy Outlook 2012 Report, International Energy Agency
Ongoing extraction and consumption of crude oil is depleting global crude oil resources, and coupled with major uncertainties, crude oil supply is expected to decrease in the years to come. This reduction will be compensated by an increase in unconventional and conventional oil supply, mainly from biofuels, oil sands, and shale oil. Total non-OPEC non-conventional oil supply is expected to rise by more than 11 million barrels/day over the years 2010–2035. – World Oil Outlook 2011 Report, Organization of the Petroleum Exporting Countries
A series of political disruptions in some oil producing countries resulted in prices soaring despite the large increase in production from other OPEC members. Prices are expected to continue climbing. – World Oil Outlook Report 2012, OPEC
Due to sustained high oil prices and improvements in exploration and extraction technologies, unconventional liquid fuel production including shale oil is expected to increase by about 5 percent annually on average until 2035. This increase will account for 35% (9.2 million barrels per day) of the increase in total liquids production. – Annual Energy Outlook 2011, Energy Information Administration, USA – World Oil Outlook Report 2012, OPEC
Global shale oil resources are significant enough to play a vital role in the future world energy supply and mix. Therefore, exploiting indigenous oil shale where possible has the potential to relieve reliance on importing crude oil, reducing conventional energy bills and driving economies.