The break-even point in some U.S. shale regions is now $15 a barrel; overall production costs to tap shale are about half of what they were just two years ago, according to this Reuters news story:
"In a corner of the prolific Bakken shale play in North Dakota, oil companies can now pump crude at a price almost as low as that enjoyed by OPEC giants Iran and Iraq.
"Until a few years ago it was unprofitable to produce oil from shale in the United States. But the steep slide in costs has U.S. shale operators poised to capitalize on Wednesday's decision by the Organization of the Petroleum Exporting Countries to cap output for the first time in eight years.
"In effect, even as OPEC has decided to reduce output to try to boost prices, that may end up being undermined by a potential increase in U.S. production.
"... In shale fields from Texas to North Dakota, production costs have roughly halved since 2014, when Saudi Arabia signaled a price war in an attempt to drive higher-cost shale producers out of the market."
Read the whole story here.