Flashback! We've Seen This Movie Before -- June 27, 2017

From a post back on December 23, 2015:

Price declines were exacerbated by the decision last year by OPEC, the 12-member producer group led by Saudi Arabia, not to cut production. Still, OPEC's Secretary General Abdalla Salem El-Badri said OPEC had been a bastion of stability amid volatile times for the oil industry.

"The supply and demand balance in 2015 has been one of oversupply, with stock levels rising to well above the five-year average. Despite this market instability, OPEC has continued to be an efficient, reliable and economic supplier of oil," El-Badri noted in the foreword of report. Later in the report El-Badri talks about el-unicorns.

By the way, look at the "break-even" price for Saudi Arabia -- that was less than 18 months ago -- and not a whole lot has changed, regardless of what Prince Salman says. Note the "years of financial assets left." Staggering. Yemen is already broke (duh). Libya has a couple years left. Bahrain? Toast. Saudi Arabia: less than ten years. I could outlive Saudi's financial reserves. LOL.