If you want to get a sense of how the Saudi’s have gotten so fabulously rich over the years, their break even point is about $20 a barrel.
Their piggy (lol) bank could sustain them at current spending levels for about seven years.
They are not going to blink. They want to bankrupt all the new players for the Bakken crude and scare away all the potential buyers. Iran and Russia are going to be broken.
It seems that this may give an incentive for Russia and Iran to team up together and create some conflict in and around the Persian Gulf, which will raise oil price back up.
Venezuela will be toast, first.