A new report out of Harvard's Kennedy School of Government says the world may be in for unprecedented oil production, largely because of the development of shale reserves in the United States and elsewhere.
The report, by Leonardo Maugeri, research fellow in the school's Geopolitics of Energy Project, is called "Oil: The Next Revolution."
The executive summary starts: "Contrary to what most people believe, oil supply capacity is growing worldwide at such an unprecedented level that it might outpace consumption. This could lead to a glut of overproduction and a steep dip in oil prices.
"Based on original, bottom-up, field-by-field analysis of most oil exploration and development projects in the world, this paper suggests that an unrestricted, additional production (the level of production targeted by each single project, according to its schedule, unadjusted for risk) of more than 49 million barrels per day of oil (crude oil and natural gas liquids, or NGLs) is targeted for 2020, the equivalent of more than half the current world production capacity of 93 mbd."
To read the full report, go here