This is like the ultimate game of poker and the Saudis have gone...

This is like the ultimate game of poker and the Saudis have gone 'all in'.
Nobody can afford to call their bluff so most everyone else will have to fold.
The carnage being done is huge and i doubt it can be unwound even if the price does rebound.

I think the main players will try to get oil to around $80 and keep it there.
That will be high enough for the big boys yet not high enough for the mid tier players.

Here in Brisbane a company called Laing O'Rourke is laying off half the staff from their Brisbane office, Chevron are laying off 1000's of staff worldwide but mainly in OZ, Oil Search is laying off staff as well.

The big 7 sister oil companies are slashing spending and laying off staff in the 10000's.

I doubt any of these decisions will be reversed any time soon.
The countries and businesses that need oil over $100 will have to make hard, painful decisions.
I think FAR can do very nicely with oil at $80, assuming we have huge reserves.

This is just my WAG based on my vicious J curve theory.
If they overshoot and destroy half the industry then oil could easily spike much much higher.
It is all very serious and we are probably doing so much better than we realise at 8c and having $70 odd millions in the bank.