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America's shale revolution has changed the balance of power in oil geo-politically from the Middle East to West Texas. OPEC appeared "toothless" as they met recently to extend their long running production cuts to shore up prices. The most recent meeting was held last week in Vienna, Austria.
Their output already at a 5-year low of 29.2 mm BOD, the member decided to extend the cuts already in place, a fact that would have been strongly bullish for oil prices even a couple of years ago. Brent crude greeted this news by dropping from