I have read somewhere that Saudi Arabia can produce oil at less than $13 dollars per barrel. So, in doing what they are doing, many oil producers which cannot produce at these low levels, they will be forced out of the market.
And....as you say....the price of crude will eventually go back up to the $100 dollars mark.
ELK Price at posting:
3.0¢ Sentiment: None Disclosure: Not Held
MEL Price at posting:
4.1¢ Sentiment: None Disclosure: Held
