Oil and OPEC: This Time is Not as Different as You Think It Is
http://blogs.cfr.org/levi/2014/12/01/oil-and-opec-this-time-is-not-as-different-as-you-think-it-is/
It’s similarly premature to declare that sort of new era now: OPEC countries would be sticking to past behavior if they failed to cut production now but stepped in in a few weeks or months if prices fell considerably further.
I believe there are geopolitical considerations. Also, the Saudis may be trying to figure a sustainable price for oil.
Of course, who knows...I've read speculation that the Saudis decided they have a resource of declining value, and they want to produce now.
It takes only one technological breakthrough to move the demand curve.