RE:IFIMHO, surely going into the 30s on Monday, and seems we'll revisit the $20s again if this prolongs... Add in COVID19, and this will be an EPIC bloodbath...
What is concerning is that if they did this to kill off shale, they knew companies are hedged, and it didn't really work the last time SA tanked the market a few years back, only slowed shale down, so don't see a different outcome this time around either).
Apparently, Russia's cost is $42/barrel, and obviously don't have much to offer the world except O&G + Arms, so they would be hurt MUCH MORE imho than SA ((i.e. although SA needs a much higher oil price (in the 80s is what I've read) for their budget, they have/would have no problems raising cash through Aramco if needed (i.e. bonds, etc))...
Having seen multiple documentaries on Putin, he is very calculating and strong obviously... What he has done for Russia from the 90s (when it was in utter chaos) to now has been VERY impressive (especially with limited resources)... MBS obviously has a strong character, lots to prove, & apparently quite pissed off for last Friday's OPEC meeting (and rightfully so, they really looked like fools) & needs to send a STRONG message to the Ruskies where it will hurt...
I can't imagine the other members of OPEC are okay with this but what choice do they have? SA is the leader of the group and they need to follow as they did when oil went down to $26, but that was with Obama...
Will Trump intervene and ask SA to cut given Texas will be greatly affected if the price stays too low for too long given the upcoming election? Trump wants/needs low oil prices, but not too low where the U.S is not producing/exporting...
Geez, Monday will be rough. GLTA.