Any bets on how low OPEC lets oil prices go until they finally step in. My guess is $25 per barrel. It's going to be a brutal 4th quarter and first half of next year.
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I wouldn't bet on a production cap. OPEC is unlikely to function as a cartel again until at least 2020 because Saudi Arabia can't get other members to work with them. Prices are likely to be much more volatile in the next five years.
US just need to stop importing oil.
If their break even was much lower, they would not of entered the loan market. And they wouldn't be forecasted to be bankrupt in 5 years. Bloomberg.
OPEC has said before they're happy to have oil go MUCH lower to burn out as many of the USA companies as they can. They don't have to put up with the environmental and legislative restrictions we do in the USA so their break even point is much lower than ours. Wouldn't be surprised to see oil drop to $10 barrel - it's happened before in the 90s and it'll happen again here. Demand is low, supplies are supper high and now with Iran starting to sell on the world market again, it's going to get ugly!!
At the December 4th meeting I bet a production cap is secured.