OPEC sub $50OPEN has been 100% clear on two things:
1. They are willing to preserve their market share and anything else has to be negociated. They have showns they won't bow down. And that makes perfect sense.
2. They have also said "it's much better for them to sell one barrel at $50 than two at $60" which also makes perfect sense.
I'm guessing OPEC will do all in its power to keep the oil sub $50 to deal with the new Shale competition.
But really, I might regret saying this in 10 years butt here should be a world cartel that manages the limited resources which has a global impact at *all* levels.
OPEC is able to keep the pressure on the Shale without hurting its own economies; they just all need to sit down and cut up the pie.
And from a North American perspective, what are we doing importing so much oil?
That's crazy.