RE:One more reasonbago wrote: there will be no freeze or any cuts. The free markets beat to their own drum and that's how it should be and until demand is strong enough to eat at supply here we are.
https://sweetcrudereports.com/2016/09/17/why-the-us-is-a-major-roadblock-for-oil-output-freeze/
Depends on what the Saudi's are thinking now. If they really believe we are on track for >700k/day over oversupply through all of 2017, that is a disaster.
Oil had a test run to low 50's and the Bakken and Eagle Ford didn't really ramp up at all. It's just been DUC's being used basically in those areas by producers aside from the ones with the best of the best assets. The Permian is very slow growth compared to those 2 other plays, and I don't think the Saudi's really need to worry that much about it. In fact, the Permain is recreating their own unsustainable bubble again with assets being sold like oil is >100 bucks. People are taking on stupid amounts of debt now to get pieces of the Permian and putting themselves on course for disaster like they learned nothing from the last couple years. Hilarious really.
Lots of moving parts, I'm not sure we can completely rule out some action by the Saudi's next week.