Here is a Reuters article quoting some oil market veterans who suggest this slump could last and prices may even move lower: (http://www.reuters.com/article/us-ceraweek-glut-idUSKCN0VV0O2)
“When Sheikh Ali Khalifa al-Sabah of Kuwait thinks about today’s plunging oil prices, his mind drifts back to the mid-1980s, when he was forced to sell some of his country’s crude for as little as $5 a barrel.”
“The memory leaves Sheikh Ali, now 71, feeling grim about a price recovery this time.
“Tomorrow if the price of oil goes down to $20 I would not be surprised,” he said. “You don’t take excess oil away very quickly. It was true in the 1980s, now it’s even worse.””
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