I believe that the damage is done, world economy is screwed up, I do not think production cuts will do any goodl
The demand already waned, all due the fact that many people went broke, lost jobs, while many companies gone broke and went out of business. These events already impact the demand because they no longer can afford continue buying gas and other oil byproduct.
It will take OPEC about 4 or 5 years to recover, probably longer who knows.
And just think about it, if EVER government decided to bail out these big three, I can BET you a bunch that the condition involved with bail out is that these big three must find ways to improve gas mileage, and to invest in R&D that would involve alternative fuel like Fuel Cell, electric cars, etc which result lowering demand for oil so OPEC don't really have much choices.
I would support big three bail out *IF* the bail out is equivalent to Bankruptcy, meaning that the government will have same power as Bankruptcy court and decide which to cut, and what to invest, thus these CEO won't have much choices but to comply.
So from my standpoint, it appears that there will be huge shift in energy resources in near future.
I just discovered that the cost of Hydrogen is about a dollar for each kilogram and the size of Hydrogen gas in fuel cell is about 4.25 KG, and each KG of Hydrogen gives you about 70 miles! So it will be over 280 miles between refill costing measly $4.25, OPEC can't compete if they keep cutting production. So I hope to see more Fuel cell coming out.
Also if my calculation is indeed correct, with 4.25 KG of hydrogen, you could power entire home for about 5 days during black out, better than gas generators! I believe that Hydrogen is way to go.
Just wait until Dec 17, I found out that OPEC was delaying the meeting about production cut to Dec 17.
Damn to OPEC, they are too greedy and hopefully their cut will fail to meet the price.