As the old saying goes, " The markets can remain irrational longer than one can remain solvent". That aside, it is my opinon, oil will begin and may have already begun, to stabilize somewhat in price. OPEC is taking significant steps in curbing production. Russia, the largest producer in the world, though not an OPEC member, has agreed to cooperate with OPEC initiatives. All but Saudia Arabia and maybe Kuwait, are badly underwater at these prices. Some such as Venezuela, are deeply underwater. Even though the Saudis can remain profitable at these levels on their older fields, they would be under break even on the new fields they are presently opening.

When oil prices do start to recover, things are going to get really ugly as producing fields fields that have been taken out of production, do not come back on line as fast as they were taken off line. We just need to survive long enough to cross the present gulf.

Brian