I don't think PC was serious about the OSH bid nor is he about STO at this point. I think he'll wait until total US crude production drops to about 7,000 BBL/D/1K (7,000,000 barrels per day) from the current 9324 BBL/D/1K like everybody else. U.S. production is still very high and has hardly been dented by low prices.
See: http://www.tradingeconomics.com/united-states/crude-oil-production (look at 10 yr)
Compare to the very bearish signal: http://www.tradingeconomics.com/commodity/crude-oil (1 month view)
Time to TO sto, page-5
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