Re: Paying Down Debt
Hard to say where the price of Brent will be come mid-November. I lean towards the current consensus view of somewhere in the mid-50's, but who knows. The big unknown is OPEC. Again, the consensus is that nothing will happen in the September meeting but it has been almost two full years now and everyone is hurting from these oil price levels. Also, with the Saudi's ramping up production, I would not be gob-smacked to see a production freeze agreed to in September. The price of oil has to turn fairly soon, otherwise a number of these OPEC countries will simply go under. Venezuela is there already and Nigeria is not far behind and even the Sauds are seriously hurting. Me thinks there will be a turn this year yet. then again, maybe this is just one more or my blind spots.