Total (TOT) CEO this morning said he believed OPEC would support oil prices as they have in the past.
This isn't that surprising coming from the CEO of Total. The French oil giant has enormous exposure to OPEC countries. It has no footprint in North America, none.
Still, it's hard to wish lower oil prices away. The market is dealing with huge oversupply.
But it's unlikely OPEC is going to step into the market in a big way, at least not now. I say this because it doesn't look like oil prices are low enough for them to support prices now. If they act now, everyone will say, see I told you so, these guys always step into bail us out.
Besides, $80 oil is ample for most oil companies to still make—and spend—money.