| The drop in oil prices from over $100 per barrel a year ago to as low as $46 per barrel in early 2015 was driven by a number of factors, but one of the most important was OPEC's desire to squash the U.S. fracking market. Saudi Arabia, in particular, has seen the rise of fracking in the United States as a threat to its market share, and as prices have fallen the country has actually increased oil production to a record 10.3 million barrels per day in April.
Now that U.S. producers are shutting down drilling rigs, and some U.S. drillers appear to be in financial trouble, certain OPEC leaders are claiming victory. But we need to consider the bigger picture before accepting that the fight over U.S. shale oil is over...............................................Full Article: Source
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