Question

In your view, what effect has increased U.S. shale oil production had on the OPEC cartel?

Answer 1

The increased US shale oil production has diluted the significance of the OPEC as a group in impacting the world oil prices. Earlier, OPEC uses to control oil prices indirectly through their supply decisions which maintained oil prices at high levels. However, the rise in shale oil resulted in OPEC's lower influence in the oil prices as oil prices declined sharply post rise in shale oil which is out of the control of OPEC. These changes resulted in lower supplies from OPEC but this time the impact on prices was less as compared to previous times.

the above is the answer