Toothless lions meeting. Very likely to stay the course. Will drive oil prices solidly into 30s. Big oil needs to transform itself.
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Oil is going to go the way of coal.
All this increase in efficiency is mainly accounting gimmicks.
1xiv, you have the right answer
No. Saudi policy is NOT directed at Putin. Saudis will not agree to such extreme monetary loss just to punish Putin. They just couldn't care less. The truth is they do want to drive the shale producers out of business, and they know that OPEC as a cartel is powerless. OPEC just does not have the leverage anymore. But it is not going to be easy to drive out the US shale producers either as they are getting more and more efficient.
Am I the only one thinking current low prices are part of deal between US and S-A to bring down Russia similar to what happened in 80's to Soviet Union? This would also explain why deal with Iran was struck allowing that country to produce more again - bigger fish to fry...
Otherwise, S-A behavior is totally nonsensical - protecting market share at expense of revenues cut more than half makes no sense whatsoever...and US production will be back up minutes after prices rebound.
If so, implication would be prices to stay low and more CVX ROMs to come until Russia/Putin backs down - no sooner.
Moderators,please fix the "replies" count.
No action by OPEC. There is nothing they can do. Tamed by the power of competition and free market. Oil could go the way of coal with massive bankruptcies in industry.