Their goal is to stop US production by undercutting them to the point they can’t stay in business.
I don’t think they’ll be able to pull it off this time.
The problem for them, is that when the price levels out, and likely higher, production in the U. S. advances again.
I agree with you. They’re in trouble.
I wouldn’t count Obama out just yet.
Nor do I. There is big a difference between trying to discourage American producers from spending to drill complex experimental wells versus trying to discourage them from simply pumping oil after the wells are already online. The new oil production is here now and there isn't much OPEC can do about it.