Seth Kleinman from Citi

All these project cancellations and deferral and cut backs are setting the world up for tighter oil markets in the medium term (2017-19) unless the record Middle East oil rig count successfully translates into significantly higher production, demand will have its say but from a supply perspective it is hard not to believe the seeds of the next price spike are being sown today.

Seth Kleinman from Citi

I call this the shale wagging the dog scenario – as shale can work in a prices below $70 per barrel but much of the rest of the industry does not... It is a bullish scenario for 2017/18 time period.

Seth Kleinman from Citi