OPEC is trying to put the US/Canada producers out of business so they can raise prices again.
Funny thing is, we’ve gotten to the point that if they cut production, we just say “fine, we’ll sell more of ours”.
Most of OPEC wants to raise prices right now. Saudi, who is driving the move not to make a total production cut, had their production fall slightly the last few months.
The US production has been climbing about 100,000 bpd each month.
I suspect the majority of US oil production will survive this period of low prices better than Venezuela and Nigeria does.
The US produces about the same amount of oil that the smaller half of OPEC does. I’ll bet when price eventually climb, the US oil industry will be in better shape than half the countries in OPEC.