OPEC’s failure to agree new limits on oil production regardless of demand and tumbling prices is seen by some as a deliberate move to send rival producers to the wall.<br /><br /> Reports say many shale companies are defaulting on their loans because the oil price has plunged below break-even point.<br /><br /> Some analysts and commentators believe the Saudi-led policy is aimed at squeezing Russian and American shale drillers out of the market.<br /><br /> Many small producers have accumulated large amounts of debt.<br /><br /> But there are also reports that the US shale oil industry is ready to face down its aggressors, proving more resilient than expected.
