Some still seem to think that they can tune the oil market. When all the evidence points to the contrary. I don’t expect the cuts to be as substantial as anybody expects. There will be significant cheating. Smaller OPEC producers and some other non-OPEC might prefer to have a little cash rather than none at all. The same might be true for Russia as the money situation there is not really rosy as well. I don’t think anyone thought that this stunt would misfire so badly so there is a lot of despair in the system. The market will come back and eventually, prices will go up again. But this will be a very, very messy affair, and as Poincare demonstrated, its impossible to make any accurate predictions in chaotic systems.
Oil demand could rebound enough to exceed supply by the end of this month, Goldman’s head of commodities Jeffrey Currie said on Friday morning