OPEC unlikely to lose oil influence to US shale

VIENNA: Organization of Petroleum Exporting Countries (OPEC’s) announcement that it is keeping crude output levels unchanged again, despite a collapse in oil prices, reflects the growing influence of booming US shale but analysts say the cartel is still the dominant player.

The 12-nation OPEC switched its production strategy in November in order to push down prices and hurt high-cost US shale producers, who need elevated prices to make their operations profitable.