I keep hearing that there are nations in OPEC that want to cut their oil production,
They wouldn't make anymore money if there's less oil.
The biggest expense is looking for oil, starting new wells,and one has to assume that putting wells off line is a big expense.
The losses of running an oil well can't be that great compared to fracking, and sand pits.
Did the Saudis, Iranians, the Russians and Venezuela declare bankruptcy in 2008? I didn't think so?
The question should be how much money will they lose if they reduce their oil outputs compared to losing to alternative ways of extraction energy?
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