Still, Kuwait's ongoing worker strike could help limit losses, he added.
Employees in the Gulf nation's oil and gas sector are striking in retaliation for government plans to lower wages, and their protests are already impacting Kuwait's output levels. On Sunday, state-owned producer Kuwait Oil Company (KOC) said output had fallen to 1.1 million barrels per day (bpd) from about 3 million bpd previously, Reuters reported, citing a translation of KOC's Arabic tweets.
"We do need pricing in the mid-$30s in order to make sure U.S. production will continue to decline at a fast pace. That will help achieve rebalancing of oil markets by the third quarter this year," Shum added.
"I think technically, you could look at a 50 percent correction of this big short squeeze we had from the $26 level up to $40 range, so the mid-$30s is a real possibility," agreed Juerg Kiener, managing director and chief investment officer of Swiss Asia Capital Singapore.
While many investors are staying clear of energy given the price volatility, Ross sees opportunity. The contrarian player is famous for buying distressed assets, including a stake in the Bank of Cyprus in 2014 when the lender was hammered by loan defaults.
"We're buying low-priced, beaten-down bonds of U.S. shale producers, particularly those in the Permian Basin and Eagle Ford," he said, referring to shale-oil producing areas in Texas.
"There is a risk of default but based on our analysis, the companies we've been buying have enough available lines of credit and cash flow to maintain drilling levels and pay coupons on their bonds."
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