Since 2008, the shale boom has grown U.S. oil production by about 9 million barrels per day. In the early days of the shale boom, when it wasn’t clear whether this development would have a significant impact, it was largely ignored by OPEC. By late 2014, as U.S. oil production growth was approaching 5 million BPD, OPEC decided they could no longer ignore it. At its November 2014 meeting, OPEC announced it would defend market share that was being lost due to the rise of non-OPEC production, especially from the United States. It was a shift…
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