The problem for the OPECers, is that they have done what so many others have. They spend. They need a continuing source of revenue. Perhaps they can suck it up and lower production. Remember, that lowered production will mean they make a lot less money, because the barrel price of what they do sell is so much lower than it was a few months ago.
$100 a barrel vs $70 a barrel...
They’ve already taken a 30% hit. Then to cut production too.
This may not be as easy to achieve as some folks might think.
We’ll see.
Their goal is to stop US production by undercutting them to the point they can’t stay in business.
I don’t think they’ll be able to pull it off this time.