There's been a lot of noise about OPEC's role in the current decline of oil prices — but UAE Energy Minister, Suhail al-Mazrouei, maintains that OPEC's current production should remain unchanged. Instead, he says shale producers should be "rational" about their output and that the market may not be suitable for them.
Some analysts believe OPEC has been unwilling to cut back production in the hopes that lower prices will drive out shale producers. Indeed, because shale wells tend to produce the most in their first year, they are more responsive to oil prices. But because many wells in the U.S. that were started last year will coming online in 2015, output in the U.S. isn't likely to slow down just yet, and adjustments by shale producers won't be felt in the immediate sense. And since the demand side of the oil equation — such as consumer interest in fuel efficient cars — isn't likely to have a huge impact on prices, it might take supply-side shock to bring crude prices back up.
For now, OPEC seems determined to hold onto its position in the marketplace no matter where the price of a barrel is — but some say that its dwindling influence on prices could signal the end of the OPEC era as we knew it.
Video by CNN Money.