Its good but also not so good - the pressure needs to be on the shalers for Feb when the futures rise they get breathing room and Feb is when they're reporting - if enough keep pumping then the whole thing will drag on longer. Yes its hurting STO's sp to see a lower poo but it would be short term pain to knock out the shalers and they will only get better at what they do. STO will get it writedown which will hurt but its nothing compared to if the poo stays lower - longer. The Saudis know the score - so even though they would like to do a deal with Russia to limit supply - they would also not want a deal right now or else the futures will rise long before the agreement begins and the us shalers will come back hard to make up for lost $$..
Short term pain or long term is the way I see it and then you have to wander what STO would look like long term with a lower poo. Production needs to be taken out somewhere that matters and that somewhere is the US or else we'll only get short term/medium relief - then we will go through the whole thing again as shale production lifts again.
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