U.S. Produces Shale Oil and Gas Despite OPEC

Saudi Arabia’s increased production in 2014/2015 was aimed at taking the market share away from U.S. shale oil and gas producers. The lowered price has changed how unconventional oil and gas is produced in America and made it more efficient. “US production hasn’t fallen as much as OPEC countries anticipated. Also US crude oil production hasn’t fallen as much as the US crude oil rig count over the last year. This suggests that US oil productivity is improving.” U.S. production for 2015 is 1% more than the 2014 average of 9.0 MMbpd. “OPEC has weakened US production but has not completely succeeded in its strategy.”