- Nov 18, 2009
- Reaction score
The Majors are bleeding money trying to maintain their dividend payouts, independents are bleeding money trying to stave off bankruptcy. The oil industry is in ever deeper trouble and OPEC has no leverage any more. Since China has locked in, through pre-payment, high oil prices it is headed for disaster, Russia is floating on high priced oil it can't sell at a detectable profit and Iran is going to expand production now that sanctions have ended. Talk about a perfect storm.