Renewable energy will have enormous growth but gas – and shale oil – will be the power source of the future, the latest World Oil Outlook report states.
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| The shale oil industry in the United States could undo the price hikes caused by the OPEC production cut. |
The World Oil Outlook 2017 report, developed by the Organisation of the Petroleum Exporting Countries, stated renewable energy will be the fastest-growing power source to 2040, with an expected 6.8 percent annualised growth rate.
Shale oil has also been put forward as the most important non-OPEC energy source, with gas accounting for a growing percentage of energy consumption.
For the most part, coal's usage will fall.
Read Cole Latimer’s story in today’s Melbourne Age - “Gas is the future of energy, World Oil report says.”
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