If Brent drops another few points Russia, Iran, and Venezeula are going to be in a lot of hurt economically.
This is not getting the attention it deserves but we are witnessing a once in a generation shift in geopolitics as the power of OPEC wains in the light of new energy coming from the US and Canada. Of course the collapse in WTI will help consumers but at this point its hurting the autocrats more than anyone else.
Not sure where we find the bottom in oil but unless something changes $100/barrel is long gone.
I thought low oil prices hurt US production a lot more than Gulf production, as the new extraction methods prevalent in the US (e.g. fracking) are more expensive to maintain than the traditional infrastructure that Iraq, for instance, uses.
