OPEC’s decision to refrain from action had an immediate effect on crude oil prices. Prices sunk as it became clear Saudi Arabia is more concerned with losing markets share than the pressure low prices are putting on its cartel partners.
A funny thing happened on the way to the OPEC meeting. As a result of a pre-meeting between Saudi Arabia, Russia, Mexico and Venezuela it wasexpected that those countries were on the way to finalize a deal to cut production--then it all somehow fell apart.
One day after Saudi Arabia declared "war" on U.S. crude oil producers by lowering prices in an attempt to dump cheap crude in the United States market, the White House and private oil companies responded.