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The Death Of Opec? The Displacement Of Saudi Arabia As The World's Swing Producer And The Futility Of An Output Freeze, Christopher Hanewald
The Death Of Opec? The Displacement Of Saudi Arabia As The World's Swing Producer And The Futility Of An Output Freeze, Christopher Hanewald
Indiana Journal of Global Legal Studies
On November 27, 2014, the Organization of Petroleum Exporting Countries met in Vienna and adopted a bold stance against increasing supply from beyond the reach of the cartel. Rather than reduce their own production, the cartel decided to allow market forces to dictate the price of a barrel of oil. By doing this, Saudi Arabia-the de-facto leader of the cartel-made a bet that the burgeoning shale gas industry within the United States would be unable to cope with a sharp fall in the price of oil. Over the course of the following two years, the U.S. energy sector-aided by further …