WTI and Brent crude have nosedived recently.
WTI at this moment is down to $46.38/bbl, lowest in almost two years; seriously falling for the last two months, from a ~$76 high in Oct.
The Russians, the largest OPEC producers, have ramped up their production this month (Vlad Puty sending a msg to his BFF?), and American fracking ops have been pushing their record production numbers up too.
If it goes much lower there's a good chance of another 'oil bust', like in 1985*, et al. Approaching the $40/bbl mark most fracking ops are going way below their breakeven cost point, at that level some of them will begin shut-in procedures and begin laying off staff. New exploratory wells, workovers, and wells nearing production will have ops suspended.
* 1985, I remember it well. It was maybe the worst Texas recession I've ever seen, the hit to Houston was incredible. The housing boom statewide was over in a few months, real estate prices dropped like stones and didn't recover for a couple of years.
Even at home in the Valley, a brand new, just opened shopping mall, the first major one there, remained nearly empty during the Xmas season. Made for some great uncrowded shopping trips.
https://www.cnbc.com/quotes/?symbol=@CL.1http://nbr.com/2018/12/18/oil-sinks-to-15-month-low-below-48-on-rising-us-russian-output/