opec lost 700bn , page-5

That's true Sigma. However a lot of us have doubts as to whether opec cut production when they say they will. Oil below $40/barrel is unsustainable long term in my opinion. Already marginal producers will be struggling, soon some will fail if prices stay at current levels or fall further. When this starts to occur the overall supply of oil will reduce, which in turn will drive prices back up when demand outstrips supply. Short term anything could happen to the oil price, just like it seriously overshot reality at $147/barrel, it could now go down to ridiculous levels that are unsustainable. I find $10 very hard to believe and doubt it will breach $30, but stranger things have happened I guess.