Oil Market Shift: OPEC and Saudi Arabia's Grip Weakens as Prices Plummet
OPEC and Saudi Arabia are losing their grip on the oil market as booming US supply offsets OPEC's supply cuts. Oil prices have seen the longest decline in five years, with Brent crude down 18% and West Texas Intermediate crude down 19% since mid-October. Despite OPEC's efforts to stabilize prices, market participants are skeptical, attributing the fall to increased US production and anticipated softer demand. Saudi Arabia may resort to a "market share war" by flooding the market with oil to regain control of prices.
