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Question
What fundamentally changed about OPEC's ability to control oil prices following the US shale revolution?
1
The formation of OPEC+ diluted Saudi Arabia's dominant influence within the cartel
2
OPEC lost its legal authority to coordinate production cuts among member nations
3
US shale production created highly elastic new supply that rises rapidly when prices increase, effectively capping prices and limiting OPEC's pricing power
4
Environmental regulations in OPEC member countries forced production cutbacks that weakened the cartel
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