Through iteration, experience, and innovation, North America is producing oil cheaper. According to IHS, the median North American shale needs a crude price of $57 a barrel to break even today. Last summer, North America needed a breakeven price of $70. While lifting costs have fallen in North America, there are high levels of anxiety among OPEC producers and Russia as a result of the recent drop in oil prices.

Read more: http://tinyurl.com/msmpbsz