Just keep in mind that the next meeting of OPEC isn't until June 2015 so I wouldn't be betting the farm on a production cut coming anytime soon.
My theory is what we are seeing here isn't dissimilar to what is happening with iron ore. The lower cost producers are attempting to force the higher cost (US shale) producers out.
And who can forget what happened in the 80's (wiki):
http://en.wikipedia.org/wiki/1980s_oil_glut
Optimism Abounds, page-46
Add QAN (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$7.18 |
Change
0.010(0.14%) |
Mkt cap ! $11.22B | |||
| Open | High | Low | Value | Volume |
| $7.21 | $7.21 | $7.08 | $27.81M | 3.893M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 1584 | $7.17 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $7.19 | 61001 | 7 |
View Market Depth
| Last trade - 16.10pm 14/10/2024 (20 minute delay) ? |
| QAN (ASX) Chart |