"Continued oil prices of $30 per barrel or less are the only reasonable path to higher growth and a balanced oil market," Berman contends, adding that he expects $16.50/bbl - "I think we're gonna get there." Berman concludes ominously, we're not going 'back' to anything - "Normal is over, and there is no new normal yet."

Breakdown:

18:25 - OPEC will cut production in 2016

19:05 - OPEC's objective is to kill shale drillers' source of funding

19:30 - The idea that Iraq/Iran will cooperate with Saudi Arabia is laughable

22:30 - EIA/IEA numbers are estimates at best, and almost certainly wrong

24:00 - He doesn't believe recent EIA figures saying consumption has fallen dramatically

24:40 - US production must drop in a more meaningful way before OPEC can affect crude price