Even at $50, many oil companies besides the low cost oil producers still face major challenges and lots of trouble…
However, the Saudis had to announce a surprise (and very large) oil production cut of 1 million barrels per day to make this happen despite a weak Dollar.
The Saudis and OPEC are clearly worried about demand for oil and petroleum being weak and they are also worried about oil prices crashing again given how much of their government budget and social program spending are dependent on oil revenues.
Even at $50, many oil companies besides the low cost oil producers still face major challenges and lots of trouble.
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