We could open a book here as to what OPEC will do, I'm in the little or no cut camp, SA can hit so many birds with one stone here by letting this run for several months more, Iranians, Russians, most importantly the US/Canadian shale/HO producers whom Obama cares zero about, despite the effect local US prodution is having on their balance of payments. In the meantime the Chinese topping up their strategic reserves on the cheap.
OPEC are hoping that oil prices will rise over winter, but cannot afford prices to be low for long, if oil prices continue to fall or stay the same into Q1 then they are likely act to address the problem then. Top and bottom no one wants to lose market share but all the big players (including Russia and USA shale) with the exception of Kuwait and UAE need oil prices much higher.
china stocking up
while its cheap: Chinese imports in November are forecast by Thomson Reuters Oil Analytics to rise to 25-26 million tonnes, up from 24.09 million in October. If the upper end of the forecast for November is reached, it would equate to 6.33 million bpd, a gain of 11.6 percent on October's 5.67 million bpd. December may also see higher imports, especially with Chinaoil, the trading arm of state-controlled major PetroChina , buying a record 47 cargoes, or 24 million barrels, in the Platts trading window last month.
http://www.bbc.co.uk/news/business-30211564 saudi needs $104 per barrel to balance the books XEL need $92 by 2017 and the share price is discounted by 90%
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