Real Crude Oil Prices From 1861 To 2015 -- December 15, 2015; China May Call It Quits -- Has Enough

From Mr Badri, tweeting now:

OPEC's Badri does not expect crude oil prices to remain low for more than a year, according to media report.

From John Kemp:

Pretty much tells me all I need to know.

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Meanwhile, China May Call It Quits -- Has Enough

Platts is reporting:

After more than doubling its strategic oil reserves since last year, China may apply the brakes to its buying spree as storage availability is expected to be limited, while a climate of depressed prices will reduce any urgency to snap up cargoes, market observers said Monday.

The National Bureau of Statistics said Friday that China's SPR more than doubled its crude reserves to 26.1 million mt, or 191.31 million barrels by mid-2015, from 91.11 million barrels on November 20, 2014.

The latest reported SPR stock were equivalent to around 29 days of China's crude imports, Platts calculations showed, based on the country's average imports of 6.63 million b/d over the first 11 months of the year, according to data from the General Administration of Customs.

So, China has 29 days worth of import protection. Quick! How much import protection does the US have? More than a year's worth. 450 days to be exact. And that does not count the DUCs. I think US DUCs are adding about 500,000 bopd.