So the good news is that their intentions seem to be to keep oil prices low for a prolonged period. Was wondering how long they'd keep prices at current levels. Should be a lot of carnage and opportunity for finding bargains once a lot of these over leveraged oil companies start defaulting.
This whole thing is silly. They have no choice but to pump and get as much revenue as they possibly can. They are starved for cash.
OPEC does not really set enforceable quotas and nobody in Saudi plans out oil prices. OPEC is about flying around to five star hotels and taking credit when the oil price is up.
