OPEC’s strategy in the past has been to alter its oil production in order to bring about market stability. However, the rise of U.S. shale oil forced the cartel to alter its strategy in favor of market share even at the cost of lower oil prices. During the cartel’s last meeting, Russia decided not to collaborate with OPEC's production cuts. This led to Saudi Arabia utilizing their spare capacity to increase oil production in an attempt to win market share by driving high-cost producers out of business. This strategy was designed to destabilize the oil market and target the US shale oil industry in particular. The ... (full story)