<blockquote>'Surplus oil inventories are at the highest level in at least a decade because of increased global production, according to the Organization of Petroleum Exporting Countries.
Stockpiles in developed economies are 210 million barrels higher than their five-year average, exceeding the glut that accumulated in early 2009 after the financial crisis, the organization said in a report. Slowing non-OPEC supply and rising demand for winter fuels could “help alleviate the current overhang,” enabling a recovery in prices, it said. The group’s own production slipped last month because of lower output in Iraq.'
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OPEC Says Oil-Inventory Surplus Is Biggest in at Least a Decade, November 12, 2015</blockquote>
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'..oil prices .. to be indexed to a price that reflects gas values..''..I'm sticking with my forecast of $10 to $20 a barrel..''..the marginal cost for efficient U.S. shale-oil producers is about $10 to $20 a barrel in the Permian Basin..' - Get Ready for $10 Oil</blockquote>