OPEC Triggering U.S. Shale Drilling Boom?

If anyone is cheering the news of an OPEC deal it is U.S. shale producers. The OPEC agreement sent oil prices shooting up this week, with WTI and Brent quickly surging above $50 per barrel. 

Saudi Arabia has agreed to swallow the pain by lowering its oil production, reducing the global surplus to the benefit of everyone else. But it also managed to convince some of its intractable peers to chip in some production cuts, including Iraq, which had previously resisted any cuts. OPEC was even able to bring Russia on board for 300,000 barrels per day in reductions, even though Russia is not an OPEC member.