Temporary situation. More oil supply than demand at the moment with Libya and USA increased production over the last year.
On the supply side - should see higher cost producers (US tight oil plays such as permian) shut with price around $80..... BHP Petrohawk assets still profitable - they have the better ground. Not sure where their cutoff is.
On the demand side - northern hemisphere winter is coming and it looks like record cold.
Woodside still profitable down to $40 barrel.....
Temporary situation. More oil supply than demand at the moment...
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