It is completely obvious North American producers never bothered to conduct market research to find their share.

ABU DHABI: The UAE said that OPEC will no longer move to shore up crude prices, arguing that rising North American shale oil output needed to be curbed.World prices have...

January 14, 2015
Agence France Presse
...“We cannot continue to be protecting a certain price,” (click here)  UAE Energy Minister Suhail Al-Mazrouei said.
“We have seen the oversupply, coming primarily from shale oil, and that needed to be corrected,” he told participants in the Gulf Intelligence UAE Energy Forum in Abu Dhabi.
Oil prices continued their slide toward six-year lows in Asian trade on Tuesday after Brent crude closed below $50 a barrel the previous day for the first time since April 2009.
The fall came after Wall Street investment titan Goldman Sachs slashed its price outlook, adding to anxiety about global oversupply, weak demand and soft growth in the key Chinese and European markets....