“The key question is: what will break first? Will it be the balance sheets of big US shale companies; the treasuries of Venezuela and Nigeria; or the resolve of Saudi Arabia?” 

 

—-  The Wall Street Journal strikes to the heart of the low oil price “crisis”.  World oil rices can only rise if supply is cut back dramatically either by the North American shale oil companies or those major oil producing countries that rely on oil revenues to keep their economies afloat.