When the GFC hit the same comments were voiced, yet thePOO went...

When the GFC hit the same comments were voiced, yet thePOO went $140/bbl.

I think when these oil producing countries realise their budgets are now destroyed, some will voice cutting production.

Also most oil storage facilities (including vessels) are already at the maximum, so by default production will be cut.

But it is certainly a rough ride, but the capitulation phase has commenced, then watch for the bargain hunters and closing shorts to move things up again.