There is an outside chance everyone is wrong about support at this or that level and oil could go to $20. Let's analyze that! The Saudi's cost is about $10 to get crude out of the sand with a new giant increase in output about to go on line there. Saudi output could double this year with just one of their two new projects. Funny how the real world dynamics of supply and demand trump all. OPEC...what OPEC? Multi billionaire sheiks have the reserve capital and are good businessmen. Yes they need a 10x multiple to fund their country, however they are not willing to give up market share and the few unimaginably wealthy sheiks that own the oil will have little choice. The days of control by limiting output may be over. They will need a new strategy especially if the USA becomes the newest member of OPEC by reversing the export law. Heck we already are going around the law! Condensate!... GLTA!
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