Disagree.
Saudis wont cut production because they dont need to. Their debt to GDP ratio is only 16% and they have enough in foreign reserves to cover $100billion/year deficits for 5 years.
Whats more likely is over the course of 2016, $30-40/brl oil will eventually shut down production from marginal producers and the the supply demand will come back into balance.
Therefore, the Saudi's only have to run a big deficit for a year or two
Ann: Final Drilling Update, page-30
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