In more proof that U.S. oil production is continuing to alter global oil markets, Russia’s finance minister Anton Siluanov said on Saturday that Russia and OPEC might decide to increase production to fight for market share with the U.S. His remarks were first covered by Russia’s Tass News Agency . Siluanov said that lower oil prices would then have a negative impact on U.S. oil production, an argument that was also made as far back as late 2014 when the Saudis sought to drive U.S. producers out of business by opening the oil production spigots in spite of an already flooded global oil market. “(If the deal is abandoned) the oil prices will go down, then the new investments will shrink, American output will be lower because the production cost for shale oil is higher than for traditional output.” He said that prices could drop to $40 per barrel […]