Think people lose sight that OPEC only produce about 32 million barrels a day of there so called cheap oil. The other 54 million barrels a day required to meet world demand a lot of this comes from far more expensive projects such as Venezuela and Canada's sands projects and the pre-salt fields of Brazil that will cost and estimate $400billion to bring into production. Cheap oil is almost gone and what is left is flat out covering half the worlds demand. We will have 2 choices soon i believe, either we pay the required price for oil or start walking.
