Well for once we're in agreement.

The Saudis will continue to flood the gluted market to protect their market share; and for as long as is possible, to also prevent the Middle East rivaling Edmonton reserve being brought on line! End of story.

Fortunately sustained low oil prices could help some poorly performing economies to recover somewhat,the only thing in prospect of any eventual recovery in the oil price?

However a world tired of the endless rip offs, is looking askance at various alternatives. I mean some "oil company executives" are on the public record, claiming traditional australian sweet light crude costs as much as $40.00au to recover.

We must surely have the deepest oil wells in the world, that not even lower costing deep horizon can come near!

Rip off merchants of the world unite, I believe our Australian politicians won't lift a finger to stop you ripping the Australian public off?

After all, they have their excise revenue to protect and preserve. And only possible due to the fact that none have an appetite for real tax reform?

It is said the stone age didn't end for lack of stone, and the age of fossil fuels and the price gouging and profiteering from a captive market, may be well and truly behind us even while there are trillions of barrels left in the ground?
Rhrosty.

I would suggest the Saudi-Iran tensions will play out just as the US/UK have planned all along, raising the ante with Russia and generally create havoc as part of the continuing hegemonic western ambitions in the Middle East. Nothing to see here...

I would recommend the following article if you wish to understand what is really going to occur with energy and the economy over the next few years, excellent reading for all:

http://www.resilience.org/stories/2016-01-11/2016-oil-limits-and-the-end-of-the-debt-supercycle

Cheers Geoff