which are less able to endure low prices, while undercutting new production in countries outside OPEC. (It costs just a few dollars to extract oil in Saudi Arabia, far less than the price of fracking for oll in Texas or drilling ultra-deep wells off Brazil's coast.) "It not the interest of OPEC producers whatever to cut their production, the price is," Saudi Oil Minister All al-Naiml said at the end of December. As for $100-a-barrel oil what seemed like the new normal as recently as a year ago-al-Naimi sald "we may not" see it again. Those were startling words: Energy Agency the International called it a milestone in the history of oil." After all, oPEC is a cartel, and the whole point of a cartel is to control prices for the benefit of producers. But a cartel requires a virtual monopoly, and for OPEC, that's increasingly no longer the case. OPEC production barely changed from 2013 to 2014, but non-PEC including the U.S., countries, added 2 million barrels a day, which happens to be about the size of the global oil glut.