Sam - my feeling is that the POO will at some point regain the $100 level, it may just take some time. The Saudis (I suspect) are trying to play big boy politics by pumping more oil and keeping the price down. This will squeeze high cost shale producers in the US (I'm not including AKK in this due to their wells being online and money going in to the bank which will cover costs - so long as they rationalise mabatement costs in the short term) in an attempt to reassert Saudi's premier low cost status. Also, the depressed oil prices will hurt Russia whose economy is suffering under sanctions (and with who it is also involved in a regional proxy war with Syria).
Yes the current POO sucks but in time it'll correct itself north again. Demand is only going to grow globally in the long term.
Cheerio,
sw3
Sam - my feeling is that the POO will at some point regain the...
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