Analysts predict that if the Organization of Petroleum-Exporting Countries (OPEC) doesn’t recognize the U.S. shale industry “revolution,” oil prices could continue their decline, reports CNBC.

OPEC, made up of 12 major global oil producers, meets Nov. 27 to discuss reducing oil production in light of declining prices. Iran, Venezuela and Ecuador have pressured Saudi Arabia to cut back on oil production, but the country doesn’t show signs of doing so.

The U.S. boost from the shale industry has created a supply of cheaper gas and oil. With lower oil prices and significantly lower demand, big oil-producing countries should cut back on production to avoid further damaging producers.

Via: CNBC > OPEC needs to ‘wake up’ to shale revolution