There is not a single magic number, as is the point of this article.
Higher prices will have more drilling and production growth.
Lower prices will have less drilling, less fields economic to produce, and likes (as now) declines in production (US).
Boom and bust is the history of the industry. It is not for the faint of heart. It is also why the upside has great rewards.
Exactly, and as you know production cuts end price declines eventually.
The Saudis are feeling the pinch now. They need a price of $106 a barrel to balance their budget. They are burning reserve cash quickly now.