Doom Gloom..............Reality.Emergency Opec meeting aired as Russia braces for sub-$30 oil...Full article. Telegraph 15/12/15. Oil markets are becoming dangerous with no grown-up in charge. Spare capacity is wafer-thin, despite the glut, and any upset could trigger an oil shock..............................North Sea oil production is likely to fall by 180,000, and Russia and central Asia by 190,000. The US is more resilient, since rising output in the Gulf of Mexico offsets most of the 400,000 decline in shale. On the other side of the ledger, Chinese oil demand is booming. Barclays said it has jumped by 600,000 b/d over the past year, double the previous growth rate even after stripping out strategic storage. The country has added 20m cars to its national fleet in 12 months. India? The paradox of the oil market is that a glut disguises the tightest balance of supply and demand in modern peacetime history..............................................I too believe oil will be pushed to it's limits by the greed and stupidity of people and corporations but when you search global demand, true inventory levels and where they normally sit, world economies a more inclusive picture is presented and not the dystopian view of Goldman Sachs and its affiliates. We will all soon know if 1 dollar 5 was the beginning or the actual offer. Only Les can tell us that.