With oil supply as close to oil demand as it is, and the Saudi's tapped out as far as priductive capacity goes, even a unilateral cut of 10% each by Venezuala and Iran would probably be material for the oil price.
It may possibly even keep oil at USD48 or so, compensating them for the foregone oil revenue.
But the main story is still Chinese and Indian demand, and the decline of the great fields of the 1970s.
Ian Whitchurch
