Dan Dicker, Energy contributor at TheStreet.com, talks with Jim Cramer about the upcoming OPEC meetings in Vienna. Many OPEC members have been calling for a Cartel-wide production cut, hoping to stabilize prices and help with their reeling national economies. But Dicker says that Saudi Arabia’s strategy of decimating the U.S. shale producers and other non-OPEC oil suppliers is working, albeit less quickly than they might have hoped. A year of low oil prices is only beginning to deliver the restructurings and outright bankruptcies that are needed to clear the space of marginal producers. Without a new, lower quota, many are expecting a drop in oil prices similar to the one we saw last year when OPEC couldn’t cut production targets either. In this, Dicker thinks, they could be very much mistaken.
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