The last officials have left Vienna after the Organization of the Petroleum Exporting Countries, or OPEC, summit on June 5. The shock waves from their historic decision to maintain oil production at current levels continue, and will resound for a long time — but not in the way they hoped.
Thanks to the U.S. shale oil revolution, the world has witnessed a glut of oil and a year-long drop in global prices — almost 50 percent from last May. So oil ministers from Saudi Arabia, Iran, Venezuela and other OPEC members are betting that by continuing production at 30 million barrels a day they can keep that global crude price down at a level where producers in places like the Bakken field in North Dakota and Eagle Ford in Texas, can’t make a profit.
