This report examines the economic impacts on developing countries of current transformations in global energy markets associated with the shale gas revolution and fracking. This new source of energy brings about major changes to the consumption and export level of gas across the world. In total, developing countries are estimated to have lost US$1.5 billion in annual gas export revenues because of the rise in fracking. The fracking revolution is also likely to have major geopolitical impacts, with the US and China standing to benefit from the prospect of greater energy independence. For non-oil exporting developing countries, the economic impacts can be expected to be broadly positive, through growth effects and reductions in the cost of importing energy.