OPEC means business. If they want to see $75 oil, they will keep cutting production until $75 oil is seen. Which part of that do people not understand?
Many of the world's oil tanks are lease now not to transport oil, but to merely be used as oil storage. You can just sell Feb. contracts while buying spot oil and lock in a instant profit. This aberration where you can just pick up money from the ground can not last for long.