A substantially oversupplied market makes it that much more difficult in terms of trying to complete the adjustment process going forward, but also reinforces our view that of a chance that we trade down to $20, that's where we reach storage capacity constraints.

Jeff Currie

Categorized in : Company News

I put the likelihood (of a drop to $20) at below 50 percent, we estimate there are 370 million barrels still available (in storage globally).

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The world was a different place when we ran those triple-digit numbers. So, you would not only need oil to go back you'd need all those variables to go back. You created a perfect set of conditions that allowed you to get up to those levels, i'm bullish on oil, two to three years out. But I don't know if I'm bullish from $20 to $50 a barrel, or from $40 to $70 a barrel, or from $50 to $100 a barrel ... Until you have an equilibrium in all those other macro variables, you can't talk about a stable equilibrium in oil.

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