The full article is here-> https://www.daily-times.com/story/money/industries/oil-gas/2018/11/...

"In an earlier column, readers overseas benefited from this writer’s forecast that crude oil prices would fall dramatically because most commodity traders got it wrong. Simply, this column’s analysis was the buying of oil assumed a shortage would result once the sanctions against Iran would be activated the first week of November.   

President Trump wanted lower oil prices with OPEC and Saudi Arabia pumping more. Two weeks ago, a call from the Middle East confirmed readers of the column had followed the analysis in the Energy Magazine and sold Brent oil — and profited.  

Oil has slumped under $60 as the delusion of a shortage vanished. In the November issue column, this writer made a call: the oil price would reach $50 as a low. There is no change in that forecast. The price in the commodity market for WTI crude would touch in the very high $40 range before the Saudi-led production cut-back is realized. Why? Again, too much capacity to produce too much oil for demand. 

What's the impact on SW oil?

Oil demand without commodity traders’ bets on the sanctions against Iranian oil production and export contradicts flagging demand. Some Southwest shale producers, faced with discounts on domestic sales, are exporting oil to world markets and capturing the higher Brent price or differential between the WTI priced Midland domestic and the Brent price for the World.    

But this would shift Southwest tight oil into a world market where such supply also chases weaker demand. This switches U.S. oil into world oil as exports and diverts it from going into U.S. storage.

Unlike the last three price sell-offs Saudi Arabia, speaking for OPEC, is strangely silent on calling on non-OPEC producers join it in lowering production or “balancing” the market.   

Quite the opposite. Led by shale producers in the Delaware (New Mexico) Basin in the Permian complex, United State production approaches 12 million barrels per day, a historic high and number one position against the Middle East and Russia."