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I don't know how much more the producers can take before they start cutting back the output on the Wells that are producing and wait on better pricing.
It would cause the OPEC nations to much financial distress to curtail production even if the premise was to bolster the price of crude.
Someone would step in to fill the void that would be created. Venezuela is in dire financial straits at the moment. They would likely balk at any commitment for the sake of bettering their financial standing.
You would think that OPEC, Russia, and other oil pumping countries would curtail production by half just to force the price per barrel back to the $60-70 range.
All doom and gloom but anyone with half a brain knows OIL is way too low at these prices.
I don't expect OIL to rise to the $60-70 level for at least 9-11 months but as it is a limited resource it will always have an upside when it comes to price.