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OPEC or ROPEC is in  a lose-lose situation.  If they continue the cuts, shale becomes more active and they lose market share and shale puts a lid on upside potential.  If they do not continue the cuts, prices drop and and they lose money selling the same product.

Until things change -- like a surge in economic activity in the US and China which creates a huge drop in inventories -- $53.00 per bbl will be the new normal.

Buddy Cotten

Mineral Manager

$53 is a number that US producers can make money on I believe and the trend would be to go higher. Natural gas will hopefully rise from low $3 to $4 in the next year or two.


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