Oilfield pump jack with a wind farm in the background. Fossil fuel exploration and output has led to a world glut and resulting downward pressure on prices, a trend that's unlikely to change for the foreseeable future. Photo: Armin Kubelbeck / Wikipedia
Oilfield pump jack with a wind farm in the background. Fossil fuel exploration and output has led to a world glut and resulting downward pressure on prices, a trend that's unlikely to change for the foreseeable future. Photo: Armin Kubelbeck / Wikipedia

The International Energy Agency forecasts in a report released Tuesday that investment in shale oil will jump 53% in 2017, reports MarketWatch.

“The largest planned increase in upstream spending in 2017 in percentage terms is in the United States, in particular in shale assets that have benefited from a reduction in breakeven prices as a result of a combination of improvement in costs and efficiency gains,” the IEA said.

The increase would see global upstream investments rise 6%, after a 44% drop over the past three years.