Yep...they won't cut production at all as they will lose market share. They're going to pump until the ones that can't Afford to will stop pumping. That's it.
I don't think it'll work though. It's both a supply and demand issue. Americans use far less oil than before and that reduction will continue as everything becomes more efficient. China and India same thing as the pollution there has taken a big toll and those governments are doing everything to use clean energy. I also see our oil companies as being very innovative to find new ways of cutting costs so they can remain profitable with low oil pries.
Long term we're going to stop using oil. Prolly not for another 50 years or more but it's not something that we're going to use forever. Times are changing.
You're listening to media spin. No one knows what the new king will or will not do. He just appointed his sonas defense minister. He will likley appoint a new oil minister within 10 days.
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