Looks like Iranian oil is going to enter the market now that some sort of accord has been settled with the USA. They will be quite hungry for foreign exchange I imagine and will want to push as much oil out into the markets as quickly as possible, so even if the expensive USA producers go under because of cost , any lost production will be more than compensated with the oils flowing from Iran. There's also the competition from renewables such as wind, solar, fuel cells etc. which is growing massively not just in supply but also efficiency.
Granted a very low but sustained oil price may slow the development of renewables down but that genie is out of the bottle now and it isn't going back.
As for longer term like 5 - 10 years, it seems there's a few companies who believe they have cracked Nuclear fusion and will have running prototypes in that time frame. So I'm not sure that oil can get up much above $50 for quite some time. There maybe spikes but there's not much evidence that prices above that can be sustained IMO.
BHP Price at posting:
$15.07 Sentiment: Sell Disclosure: Not Held
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