The Beginning of the End for OPEC

The video discusses the decline of OPEC, starting with the 1973 Arab oil embargo, which marked OPEC's peak influence. It highlights how high oil prices led to increased production and reduced consumption, diminishing OPEC's market share by the mid-1980s. The narrative fast-forwards to 2008, when oil prices peaked again due to Chinese demand, but the rise of shale oil in the US challenged OPEC's dominance. The current oil market is characterized by individual competition among producers, with geopolitical tensions further complicating OPEC's role.

What impact did the shale oil production have on OPEC's influence in the market?

Describe the current state of OPEC's cartel as mentioned in the text.