Undoubtedly costs of oilfield services have come down and this...

Undoubtedly costs of oilfield services have come down and this benefits shale/tight oil most .

One of the features of the tight oil revolution in the U.S. is the massive difference between the best acreage and everything else .

Up until recently the absolute best acreage was probably profitable enough to attract investment at $40 oil whereas the next best acreage would require perhaps twice that .

In such a scenario all OPEC have to do is wait till the sweet spots are drilled out and production will drop off .

The questions are how much more tier-1 acreage has been found and what improvements has technology wrought on tier-2 acreage .

The best management in the world cannot currently beat the geology .