CLEAN : World oil prices slide to multi year lows

The video discusses the increase in oil production due to the shale oil boom in the US, which has pressured OPEC to cut production. However, OPEC members, including Iraq, Libya, and Iran, have maintained their output due to regional unrest and sanctions. Saudi Arabia is also keeping its production steady to retain market share. Despite discussions, OPEC is unlikely to cut production soon. In the long term, shale oil producers may need to adjust their output as OPEC continues its current production levels.

How do market conditions influence the decisions of OPEC regarding oil production?

What might be the long-term implications for shale oil producers if OPEC continues to produce at current levels?