With the next OPEC meeting fast approaching (Dec 4th), the oil crash is fanning the flames of revolt against Saudi Arabia inside the walls of OPEC. Recent news suggests that the smaller OPEC countries including Algeria, Angola, Ecuador, Nigeria and Venezuela are begging the Saudis to shift strategy (i.e. keeping oil prices low so that they can squeeze out American shale oil producers and regain market share). Notably, a number of the smaller OPEC members have called for a price floor or a cut in oil production. Should the Saudi's continue to maintain the status quo on oil production (which is likely), the deep dissension within OPEC could threaten to dismantle the cartel. Overall, OPEC failed to see the U.S. shale revolution coming and now it lacks appealing options to respond to the resulting global oil glut.
A Canadian Energy expert