Well News Coming From OPEC this week is that the Organisation might actually be happy
with oil price of around $80 per barrel for as much as 2 yrs, and here is why i think that Nigeria(obviously an OPEC Member)
should not really be worried.
While OPEC doesn't have an official price target for oil, it prefers oil over $100 per barrel because that is the figure countries
like Iran,Iraq,Venezuela and Algeria need to balance their budgets but because Saudi Arabia produces a third of the oil OPEC supplies,
They have a lot of pull, and all indications shw they aint willing to cut Production. On the average, it costs about $3-5 to produce Nigerian Oil and $27 to produce a barrel in the middle east so a price of $80 is not bad for Nigeria and OPEC.

However, the reason Saudi Arabia will not cut oil production is to nullify the competition from US shale and Ultra-deep Water sources.
this move is aimed at accepting some short term pain for long term benefits.

its costs about $70-75 to produce shale, and if oil price remains at $80, it will be unrealistic for Companies operating in the US shale
basin to make profit,By forcing deepwater producers to make even deeper cuts it would even further slow down the process that already takes years to go from discovery to first oil. investments which hv been growing over the yrs for research will dwindle and as such, production of shale oil will be halted( at least until it can be cheaper to produce, say around $40-47). if the supply from shale resources dry up, the prices will shoot up again. without returns, investors will be scared
to invest in shale because of uncertainty of the price.
well the chart below shows the production prices for oil and just what i am tryn to say. was gotn from Seadrill.