OPEC Announces Oil Production Cuts, page-183

Not in disagreement Frosty, I just don't think 'cheap' shale oil is all that plentiful, not enough to overwhelm the market at even $30-$40 that's for sure. I read research yesterday which estimates 300,000bopd is likely to disappear from US production in the next month or so, with more to come. Eventually the economic reality must dawn on the US producers, surely? Even if they continue to pump and dump there is going to be a hole in production volumes at some point because drilling of new wells is just about non-existent at the moment, and shale production relies on 'drill baby drill'.