Woodside Article, page-6

notthemama, by end of 2016 I expect WPL to be above $40.  The lower oil goes and the longer it stays there the bigger and more dramatic the rebound will be IMO.   The global active rig count is less than half what it was a year ago...... that means new wells and re-worked wells are coming on line at half the rate they were a year ago and the rig count is still falling thanks to the low oil price not justifying the expense of drilling unless costs < likely revenue.

The present glut is driven by existing wells drilled when oil price was $90+ but they are steadily depleting.  

When the US tight oil wells are depleted sufficiently (they deplete a lot faster than conventional wells) and other wells around the globe in relatively high cost jurisdictions are depleted the supply side will correct itself.

See rig count here

http://phx.corporate-ir.net/phoenix.zhtml?c=79687&p=irol-rigcountsoverview

Oil is headed for a rebound in 2016 IMO - the rig count data tells me that new supply is declining.