Current prices and far lower are solidly profitable in the Permian, so production there will continue to increase by 16% to 20% annually. Chevron's break-even in Kazakhstan is far lower still.
OPEC will cut and cut reducing their share of the global market as they have before.
They'll continue this process until once again they can't stand it, because most are at that point where their revenues don't meet their annual budgets running their kingdoms.
Then OPEC will again significantly increase production to try to eliminate some of their competition. And that will once again create a fine time to buy major oil companies.
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