Some background information on Oil prices
http://www.theaustralian.news.com.au/story/0,25197,24509830-643,00.html
From the article;
* Saudis need >$60 per bbl
* Russia needs >$70 per bbl
* Western producers need >$60 per bbl
Therefore regardless of short-term demand the price of oil is likely to settle somewhere higher than US$60-$70 per bbl, otherwise production is uneconomic.
Remember Galoc viability is based on US$20 per bbl
DYOR
Some background information on Oil...
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