| Gulf country sources believe that low prices have so far been successful in stimulating demand for Crude Oil. After almost a year of low Crude Oil prices, OPEC members believe they are winning against the US shale producers in a short-term market share contest.
Insiders and experts say OPEC is looking for a longer-lasting impact on other high-cost production oilfield plans, many in deep oceans, with bigger time scales, even if that means a period of cheap prices lasting for years. Privately, OPEC’s core Gulf members say they have resigned themselves to the idea that the US shale industry’s high-tech flexibility means it will respond quickly when prices start rising again, making the United States the new swing producer in world Oil, the role held for so long by Saudi Arabia...............................................Full Article: Source
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