I disagree, we don't need large production cuts as depletion will do the trick. Shale is only 5% of world production but not all of this is in the lowest cost regions.
Meanwhile the other 95% of production has had exploration expenditure guttes.
6 months with oil at $30 would do nicely to solve the supply side issue, no worries with demand yet..
Im still cautious, page-22
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