Chart has short term potential, page-351

Good morning Mermaids , I think It's time to look at the state of play once again . If I may , I will refer to my post of 30 /5 . Which listed the actual get out costs of OPEC members . And it is important to note that the headline price for oil is never the price received , in fact heavy sour middle eastern oil is often $15 below the headline price . ' NO ONE IN OPEC IS MAKING ANY MONEY , EVERYONE IS LOOSING HEAVILY ' There is no doubt that the staggering amounts of debt and bond sales , the austerity measures , the major projects that have been scotched , the wars , and propping up four other countries so as to buy their loyalty . This has all taken a heavy heavy toll on the Arabs coffers . They have haemorrhaged hundreds of billions of dollars , and built mountains of debt . Their goal was to put an end to US shale and gain more market share , this appears to have worked for now . However the damage caused to all oil producers is catastrophic and some wont recover for decades . Yet still they will need to follow this policy for some time yet so as to see exactly who can or cannot survive . So expect to see steady gains in the o.p. not off to the races . No country in the world is making money from oil production . Big vertically integrated oil is surviving , refiners and chemical producers are in a purple patch . And E & D is beginning to ramp up . Why ? because after years of no exploration and development oil is depleting at a rate of five billion barrels a year , And if they don't ramp up they will soon be out of oil and subsequently out of business . That is how the oil business works ! Now here is why things will rebalance gradually and most probably reach new heights . The Arabs have been running a kind of Ponzi Scheme . That is gut the price of oil , run through their reserve funds , and cover there tracks by building , mountains of DEBT . Then claiming that this madness has had no effect on them . It will tale 4 - 5 years of above $100 pb just to get them back to where they began . The damage caused in terms of lost revenue to the worlds oil producers last year alone was near three TRILLION dollars , and it still continues . The irony is that the World now consumes more oil than any time in history , and as the developing World emerges more will be needed . But the tide is turning .....Stay positive good days are coming .........Cheers