The latest shale oil and gas boom in the United States in the early 21st century had far-reaching geopolitical consequences. Without it, the United States would have become increasingly dependent on imports to meet its energy needs, and prices would likely have risen sharply. In the years leading up to the shale revolution, natural gas prices had already surged, and crude oil had climbed above 100 dollars per barrel.

The following boom in oil and gas production transformed the United States into the world’s largest producer of both commodities. This weakened OPEC’s influence over global oil markets and turned the country into the largest exporter of liquefied natural gas (LNG).

However, shale oil and gas resources are not confined to the United States. Maps from the U.S. Energy Information Administration (EIA) show that such reserves are spread widely across the globe. As the American shale revolution matures and begins to plateau, energy markets are increasingly evaluating which other countries might follow the U.S. path. Several nations are positioning themselves for potential shale booms that could reshape global energy security, geopolitical influence, and investment prospects.

Argentina: The Next Major Contender

Vaca Muerta, which until recently was more a promise than a producer, is now showing genuine commercial strength. Located in the Neuquén Basin in northern Patagonia, it holds an estimated 16 billion barrels of technically recoverable oil and 308 trillion cubic feet of gas, according to the EIA. In 2024, production from the basin rose by 27 percent for oil and 23 percent for gas compared to the previous year.

Major companies including YPF, Chevron, and Shell are deeply involved in its development. Chevron describes Vaca Muerta as one of the largest unconventional reserves in the world and has pledged to raise its production to 30,000 barrels per day by the end of 2025.

Argentina still faces traditional shale challenges such as regulatory uncertainty, high well costs, water logistics, and infrastructure bottlenecks. Yet the momentum is clear. In short, Vaca Muerta stands as the first non-U.S. shale basin to demonstrate credible scale and sustained investment potential.

China: The Silent Giant with Massive Potential

China holds the world’s largest technically recoverable shale gas reserves, concentrated in the Sichuan Basin. Progress has been slow due to complex geology, difficult terrain, and limited water availability. However, China is accelerating development through digital drilling, horizontal wells, and advanced hydraulic fracturing.

If successful, this could reshape the LNG market in Asia and reduce China’s dependence on coal. While China’s shale development may not attract as much attention as Argentina’s oil surge, its significance lies in its scale and potential to transform domestic energy systems, ripple through global gas trade, and strengthen China’s energy independence.

Saudi Arabia: Shale as a Strategic Play

Saudi Arabia’s focus is shifting toward unconventional gas, led by Saudi Aramco’s Jafurah Basin, described as the “jewel of our unconventional gas program.” The field is estimated to contain around 229 trillion cubic feet of raw gas and 75 billion barrels of condensates in place. The company plans to begin initial production in 2025, targeting sales of up to 2 billion cubic feet per day by 2030.

This project is significant because Saudi Arabia aims to replace oil with gas in domestic power generation and industry. That shift would free up more crude for export while reducing the carbon intensity of its economy. From an investment perspective, Jafurah illustrates how shale—particularly gas-rich shale—is evolving into strategic energy infrastructure rather than a mere exploration trend.

Other Promising Candidates

Beyond these three countries, others also deserve attention.

Russia holds vast shale oil and gas potential, second only to the United States by some estimates, but development remains limited. With abundant low-cost conventional reserves and Western sanctions restricting access to advanced drilling technology, there is little incentive for major shale investment.

Canada, particularly in Alberta and British Columbia, continues to invest in unconventional resources but at a slower pace.

Australia has promising geology in basins such as Cooper and Canning but faces environmental and regulatory challenges.

Mexico has large shale reserves but is hindered by regulatory complexity and infrastructure gaps.

Colombia is progressing with pilot projects in the Magdalena Valley, where state oil company Ecopetrol is exploring shale opportunities despite social and legal barriers.

India is assessing shale prospects in the Cambay and Krishna-Godavari basins, though population density and land-use issues pose major obstacles.

The United Arab Emirates is investing in unconventional gas projects in the Al Dhafra region, aiming for gas self-sufficiency by 2030.

South Africa continues to study the vast Karoo Basin, but environmental concerns and water scarcity remain major constraints.

The United Kingdom has rich shale gas resources in the Bowland Basin, but public opposition and a government moratorium have frozen activity.

Key Factors for Investors

While the United States remains the global benchmark for shale efficiency and scale, these emerging players offer unique opportunities. As more countries advance their shale programs, investors should monitor several critical areas:

Infrastructure development, including pipelines, export terminals, rig deployment, and logistics.

Export capability, covering LNG terminals, oil export pipelines, and the geopolitical leverage of long-term offtake contracts.

Domestic policy stability, including regulatory consistency, taxation systems, water access, and environmental permitting.

State-backed partnerships, since many of these projects involve national oil companies, sovereign wealth funds, or government-linked infrastructure entities rather than purely private investors.

Ultimately, the next chapter of the shale story may unfold far beyond North America, with Argentina, China, and Saudi Arabia leading a new generation of unconventional energy powers.

Aluminum prices on the London Metal Exchange (LME) climbed to their highest level since May 2022 on Monday and extended gains on Tuesday, supported by investor optimism as trade tensions between the United States and China eased.

On Monday, the most actively traded aluminum contract on the LME rose 0.75% to $2,906 per metric ton after touching an intraday high of $2,920 — its strongest level since May 2022. The metal gained 7% in October, marking its best monthly performance in more than a year.

However, the rally was capped by softer economic data. A survey by S&P Global showed that China’s manufacturing Purchasing Managers’ Index (PMI) slipped to 50.6 in October, below expectations of 50.9, signaling a slower pace of factory expansion in the world’s largest aluminum consumer.

Meanwhile, the U.S. dollar index rose 0.2% to 100.1 by 16:12 GMT, after hitting a session high of 100.2 and a low of 99.7.

In Tuesday’s trading, three-month aluminum futures on the LME were up 0.6% at $2,902 per ton.

Bitcoin extended its losses on Tuesday, falling below $105,000 after one of the largest liquidation waves in weeks swept through the crypto markets, while investor concerns over the outlook for U.S. interest rates continued to build.

The world’s biggest cryptocurrency dropped 2.4% to $104,956.8 by 1:02 a.m. Eastern Time (06:02 GMT), after sliding roughly 4% in the previous session to its lowest level since mid-October.

Bitcoin selloff deepens amid massive liquidation wave

Data from CoinGlass showed that over $1.27 billion worth of leveraged crypto futures positions were liquidated in the past 24 hours — the largest such event in several weeks.

Most of the losses came from long positions, as traders betting on further price gains were forced to close their positions when Bitcoin suddenly declined.

The sharp downturn came amid a broader pullback in risk assets globally, as investors digested mixed signals from Federal Reserve officials over the future of monetary policy.

Fed Governor Lisa Cook said Monday that inflation is “moving in the right direction but not fast enough,” while San Francisco Fed President Mary Daly cautioned that the central bank should not commit to further rate cuts without clearer evidence of easing price pressures.

These conflicting messages heightened uncertainty over whether the Fed will proceed with another rate cut in December, prompting traders to scale back exposure to risky assets.

A stronger U.S. dollar and rising Treasury yields added further pressure on Bitcoin and the wider crypto market.

The decline also extends what has been a volatile start to November, following Bitcoin’s first October loss since 2018 — a month historically known for strong performance in digital assets.

Cipher Mining shares surge after $5.5 billion deal with Amazon Web Services

Shares of Nasdaq-listed Cipher Mining (CIFR) jumped more than 20% on Monday after the company announced a 15-year, $5.5 billion lease agreement with Amazon Web Services (AWS).

The deal includes 300 megawatts of power dedicated to AI infrastructure beginning in 2026, signaling Cipher’s strategic pivot from cryptocurrency mining toward the rapidly growing high-performance computing and AI hosting sectors.

Altcoins tumble; Solana plunges 10%

Altcoins faced steep and widespread declines on Tuesday in tandem with Bitcoin.

Ethereum, the second-largest cryptocurrency by market capitalization, dropped 6% to $3,497.92, while Ripple (XRP), the third-largest, fell 5.5% to $2.28.

Meanwhile, Solana (SOL) slumped 10%, underperforming the broader market as risk appetite continued to deteriorate across digital assets.

Oil prices fell more than 1% on Tuesday, weighed down by OPEC+’s decision to halt production increases through the first quarter of next year, alongside weak manufacturing data and a stronger U.S. dollar.

Brent crude futures dropped 76 cents, or 1.2%, to $64.13 a barrel by 12:56 GMT, while West Texas Intermediate (WTI) crude fell 81 cents, or about 1.3%, to $60.24 a barrel.

John Evans, analyst at PVM Oil Associates, said: “Weak purchasing managers’ indices in Asia, followed by the U.S. ISM data, are raising concerns about oil demand. Meanwhile, recurring tariff threats continue to unsettle markets.”

He added: “The strong rebound in the U.S. dollar is another headwind for oil prices, and we expect a gradual downward trend to resume in the near term.”

The OPEC+ alliance — which includes the Organization of the Petroleum Exporting Countries and its non-member partners — agreed on Sunday to a modest output increase for December while freezing further hikes during the first quarter of 2026.

Bjarne Schieldrop, chief commodities analyst at SEB Research, noted in a report that the price-supportive impact of U.S. sanctions on Russian energy companies Lukoil and Rosneft has begun to fade.

“When the new sanctions take effect on November 21 against other firms still doing business with those Russian companies, their overall impact may be diluted, delayed, or even neutralized over time,” he wrote.

The dollar’s recent strength also pressured the market, as the U.S. currency hovered near a three-month high. Divisions within the Federal Reserve over whether to implement another rate cut in December have prompted traders to scale back expectations for additional monetary easing.

A stronger dollar makes dollar-denominated commodities more expensive for holders of other currencies.

In Asia, private survey data showed Japan’s manufacturing activity contracted in October at its fastest pace in 19 months, dragged down by weaker demand in key sectors such as autos and semiconductors.

Market participants now await the latest U.S. inventory data from the American Petroleum Institute (API), due later on Tuesday. A preliminary Reuters poll suggested that U.S. crude stockpiles likely rose last week.