RE: valuemb10 Dec 2015 23:02
I disagree jolly, I think my view is a simple supply and demand. If the price is low, it is not worth producing from high cost sources, leading to a reduction in supply. Often there is a bit of a lag involved, so the price will increase to a point where it is worth "turning the taps on again" for a few mothballed sources. But fact remains, the current prices are not sustainable for most countries.
It is not entirely easy to transform a country that is reliant on oil to one that is not, but some are trying (with variable degree of success).