Energy giant BP forecasts that the US shale energy boom looks likely to continue throughout this decade.

Its latest annual Energy Outlook report says that the current weakness in the oil market, “which stems in large part from strong growth in shale oil production in the USA”, is likely to take several years to “work through”.

The report says that US shale oil production reached a record 1.5 million barrels per day in 2014, reducing the demand for crude from the 12-nation Organisation of Petroleum Exporting Countries (OPEC) cartel.

BP predicts that US shale production will “encounter a slowdown at the start of the next decade, lifting demand for OPEC crude”.

CEO Bob Dudley said: “At a time when our industry is focused on a rapid response to the dramatic fall in oil prices, it is instructive to look at events from a longer-term perspective.

“Today’s turbulence is a return to ‘business as usual’. Continuous change is the norm in our industry. The energy mix changes, and the balance of demand shifts. New sources of energy emerge — such as shale gas, tight oil, ultra-deep-water oil or renewables — and economies expand and contract. Energy companies need to adapt.

“The strength of tight oil and the relative weakness of demand have reduced the market requirement for OPEC crude in recent years.

“This pressure on OPEC is likely to persist in the next few years, and its response is a key uncertainty. Looking further ahead, as tight oil supply growth slows, the demand for OPEC crude will increase, exceeding the historical high of 2007 by 2030.”