The problem of OPEC countries

OPEC countries have opted for a strategy of reducing their oil production in order to maintain a high oil price; since the price elasticity of global oil demand is low, this strategy is effective at first sight. But the United States is disrupting this strategy by taking advantage of high oil prices to expand its oil production. For OPEC countries, this reduces the benefit of reducing their production and, at equilibrium, leads to: A small reduction in global production; A major shift in production from OPEC to the United States; A small gain in production in value terms (in oil revenue s ) for OPEC.