The complexities of the internal politics of OPEC leave me reeling, but they won't get any less fraught with this as the backdrop.
Yes, the great effort to sustain $55 looks to have failed comprehensively, and US shale production storms ahead anyway.
$45 it is, then, which looks like serious trouble ahead, from Nigeria to Saudi to Moscow. Economic migrants? We ain't seen nothing yet. One that saddens me is the hard times that have befallen Oman, my favourite Gulf state, a country I keep up-to-date with in an occasional way. It's a benign little regime, and used to be able to afford all manner of nice civilities: but all that largesse had to come from somewhere.
Yes, casualties aplenty and worse to come, no doubt. As noted before, perhaps $100 oil was the 'tax' we paid to keep everyone happy.