Just to add to the picture, without counting July's figures,...

Just to add to the picture, without counting July's figures, there have been over 150,000 job losses directly related to the oil industry in the US. Indirect jobs - services and support - were not cited. Theses people cannot be IT specialists overnight so the impacts will be felt in the coming months. The consequence of overvalued tech companies will also be felt soon. We are in a period of disinflation, the big fear now is whether we are going into a prolonged period of deflation. One thing governments hate more than inflation is deflation. It would be interesting how tolerant the global leaders will be to a deflating world. Moreover, what can they do about it.

Saudis have also just issued $27b of debt to support what they are trying to achieve. From what I hear they are being caught out by the resilience of the shoal drillers. Given what Eshmun has just posted I wonder how long the shoal party can go in the US.

Being a bit mean spirited here but I do hope a lot of these drillers who got easy finance on bad economics are weeded out sooner rather than later.

Certainly interesting times with more to play out.

Cheers
BW   

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There are known knowns. These are things we know that we know.
There are known unknowns. That is to say, there are things that we
know we don't know. But there are also unknown unknowns. There
are things we don't know we don't know.