that of Russia and Saudi Arabia, and according to some, broke OPEC's control of the price of oil. In the middle of 2014, price started declining due to a significant increase in oil production in USA, and declining demand in the emerging countries. According to Ambrose Evans-Pritchard, in 2014–2015, Saudi Arabia flooded the market with inexpensive crude oil in a failed attempted to slow down US shale oil production, and caused a "positive supply shock" which saved consumers about US$2 trillion and "benefited the world economy". During 2014–2015, OPEC members consistently exceeded their production ceiling, and China experienced a marked slowdown in economic growth. At the same time, U.S. oil production nearly doubled from 2008 levels, due to substantial improvements in shale "fracking" technology in response to record oil prices. A combination of factors led a plunge in U.S. oil import requirements and a record high volume of worldwide oil inventories in storage, and a collapse in oil prices that continues into 2016. Between June 2014 and January 2015, according to the World Bank, the collapse in the price of oil was the third largest since 1986. In early 2015, the US oil price fell below $50 per barrel dragging Brent oil to just below $50 as well. The 2010s oil glut—caused by multiple factors—spurred a sharp downward spiral in the price of oil that continued through February 2016. By 3 February 2016 oil was below $30— a drop of "almost 75% since mid-2014 as competing producers pumped 1–2 million barrels of crude daily exceeding demand, just as China's economy hit lowest growth in a generation." The North Sea oil and gas industry was financially stressed by the reduced oil prices, and called for government support in May 2016. According to a report released on 15 February 2016 by Deloitte LLP—the audit and consulting firm—with global crude oil at near ten-year low prices, 35% of listed E&P oil and gas companies are at a high risk of bankruptcy worldwide. Indeed, bankruptcies "in the oil and gas industry could surpass levels seen in the Great Recession." The global average price of oil dropped to US$43.73 per barrel in 2016. By December 2018, OPEC members controlled approximately 72% of total world proved oil reserves, and produced about 41% of the total global crude oil supply. In June 2018, OPEC reduced production. In late September and early October 2018, the price of oil