Well come on now, you didnt expect them to just sit still! Of course they're going to cut production and look after their own interests. Its ok. In a few decades oil will be worth as much as sand and they'll have nothing to trade with.

Prices will go up as fast as possible and drop as slowly as possible - just makes sense doesn't it? Its not like we can do without gas for a month because its too expensive.

Even with the cuts, oil will only go up to ~1.69 for regular.