RE:This Could Be The Beginning Of A Tremendous Oil Rally Accordingly we are estimating a year-end price of $45-50 dollars for WTI and a year-end U.S. shale production exit of 4-5 million bpd. When combined with the curtailments coming from Saudi Arabia, Russia and other countries we estimate that as much as 20 million Bpd will have been removed from the world market.
These curtailments put us in rough balance with global demand at 75-80 mm BOPD, and any short-fall from there will quickly put us into deficit.
Better days are ahead for the oil bulls!