Way Oversold, page-12

OPEC expect to cut production by July and oil price will recover by year end. Most OPEC member require an oil price above $100 to balance their budget. Peak oil already come and pass people, even the shale production will be on a decline fast, the this ridiculous price won't last long. The US still import more than 30% of their oil and predict to increase in 2016 gain, that s the reason why oil still can't export from US.

Saudi has about $700B in their war chest to weather this oil price to keep producing, budget deficit $40B last year and increasing to $45B this year and more the year after.

Russian has less than $300B in war chest expect to deplete quick to support the free falling rouble and an economy in recession.

Venezuela is on the verse of default and asking the Chinese for help so are Iran, Iraq.

So majority of oil producer are in great budget pressure so not long before they pull the plug on the production.