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CITI Commodities analyst projects oil could drop to $47 in short term.

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He believes that oil will not return to the hoped for $60 to $65 range.  

He stated production costs have dropped from $30 bbl a few years back to a current $12 bbl.    (basic production, does not include all overhead, ie transportation, selling, marketing, administrative, engineering, etc).

He agrees not ALL producers a $12 bbl, but that doesn't matter. 

He believes $12 bbl portends oil price $45 to $50 range next year. 

With forced consolidation this year in U.S.  No premium for most players.

Take Unders NOT Take Overs.

Edited by BLA

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