Because shale oil revolution brought about a surge capacity, US crude oil import amount from OPEC countries is the lowest in the past 30 years. It is was showed in August that OPEC share of US crude oil import fell to 40 percent, 2.9 million barrels per day, the lowest import amount since May 1985. US crude oil imports peak appeared in 1976, when 88 percent of US
crude oil was imported from OPEC countries.
The impacts of shale oil revolution on OPEC member states vary, so there is internal divergence of OPEC on whether to cut production or not. Algeria and Libya's economy is therefore greatly influenced, while the impact on Saudi Arabia and Venezuela is relatively small. Standard Chartered Bank [micro-blog] analyst Paul Horsnell believes African countries have greater pressure.
OPEC meeting will be held in Vienna on November 27, investors pay more attention to the possibility of reduction agreement. Before that Kuwaiti oil experts said, Gulf oil producers led by Saudi Arabia may refuse to cut production in this week (November 24 - November 28) OPEC meeting in order to keep their market share. If Gulf countries have to choose between oil price increasing and market share, they would prefer the latter.
