Oil price dropped since June this year. Is the price war going on or really drop on over supply? But OPEC members seem not cutting back the output and said the demand maintained. Below is the interesting chart for room to drill in US shale gas.
Look likely most of the operation in US will halt if the oil price drop below $80/bbl because of high operating cost. OPEC will be happy to see it drop and they probably regain the market shares.
However, OPEC may only take action when the oil price drop to $70/bbl. As for Russia’s central bank will likely to intervene when the oil price is dropping to $60/bbl. This seems that they are very comfortable with the fall at moment.