Now the analyst are gauging the China import consumption. Those analyst are doing a great job of turning an investment in oil as near as worthless as possible in my opinion.
The good news is that Russia is really getting hit hard economically as the price of their exported oil has dropped significantly. Now Russia is using their financial resources in Syria. I would gather that they do not want to use these financial resources. Russia cannot truly afford a long war in Syria. Russia refusal to withdraw from the Crimea and Eastern Ukraine is another problem.
Let us not forget! Alternative energy is still a trend that is not going away anytime soon. Environmental people are strong in the retail sector of what they prefer to use as their energy sources.
:)
......but back to the bottom question. Logically when there is no place to store the oil. Then the wells will have to shut down. If it gets to be a losing production factor. Wells will shut down. The costs of storage must also be factored in. Is it even worth storing?
News 
Market Data 
Discover 
