OPEC has lost ability to manipulate the market

Financial Times:

Opec's days as economic force are 'over'


Opec's economic power is broken, says the unofficial historian of the oil industry, who has argued that the association of oil exporting countries has become irretrievably divided and is unable to reverse the current slump in crude prices.
OPEC's response to US production increases was a serious mistake.  They turned from attempting to modulate the market for oil into a suicide pack as they increased production to fight for market share which drove prices down further. They now have to deal with the US as a competitor in the export market.

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