OPEC's strategy is not working anymore

OiljobsND:

U.S. Shale Oil Industry Will Bankrupt Saudi Arabia And Claim Victory Against OPEC

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It won’t be long before Saudi Arabia shoots themselves in the foot and goes broke due to their refusal to decrease oil production. They may have started the oil war, but the US Shale Oil Industry is going to finish it. Saudi has gone from a budget surplus of 12% of GDP in 2012 to a projected deficit of 21.6% or roughly US$150 Billion in 2015. They can only keep their heads above water for so long at this pace. Saudi needs crude at US $106 a barrel to balance its budget, way higher than a once needed $69 a barrel back in 2010.

What the US operators need to do to bury OPEC 6 feet under the ground is ramp up production to further flood the market and drive the price of oil down. This could be done very quickly. And it just may happen now that we’ve all of a sudden discovered that there is a huge market for the oil we have here. Before the ban was lifted, everybody said it would do us no good because there was simply no market for the light sweet crude. Well, game changing news was announced just the other day about a huge deal being reached to start exporting oil right away. Texas is going to begin exporting mass amounts of oil within the next couple weeks. This is the news we’ve all been wondering about. Will they buy if we open up exports? Yes is the answer, and it took a matter of days for the first deal to be done....
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There is little doubt that most of the OPEC countries are suffering because of the current oil glut and it is happening at a time when Saudi Arabia is also spending big on its war effort in Yemen and to defend against the threat posed by Iran especially after the disastrous deal Obama cut with Tehran.