Saudi King dead, page-9

Actually, we are much closer in agreement rather than disagreement. To clarify, I said prices could fall to $30 again by October, referring to the timeframe of October 01-21, or by the end of 3rd quarter, beginning of the 4th.

I think there will be another downturn coming around August to October before prices rise again after a bump from March-May. By the end of the fourth quarter or mid way through oil prices could very well recover to $60, $70 or even $80 and I most certainly agree with him that we won't see $100 for at least 12-18 months.

The rig count in the US also still has a long way to come down so it's still early days and both Boone and I are looking for a 50% drop in the rig count. http://phx.corporate-ir.net/phoenix.zhtml?c=79687&p=irol-rigcountsoverview

What's more we are faced with a supply and demand issue, not just demand, like 2008. This chart from the IEA shows this new dynamic pretty clearly.