RE:RE:our only hopeNo dis respect, but I think you guys are missing the bigger story Saudi Arabia, wants oil at $60 to price there reserves at. They need oil to average around $60 in 2017 so they can float there Aramco ipo with those reserve numbers up. Saudi is going to get what they want between them and there alias Kuwat, UAE, they have enough cloat to do it regardless of what IRAN does.
Plus by the second half of 2017 cuts might not even be needed to balance the market depending on how the demand goes. Longer term oil should be in a range between $40 and $60 for the next few years barring a spike or drop here and there, and no macro world upsets. cheers Matthew