http://www.cnbc.com/2015/08/31/cheni...-is-close.html
What he said mirrors my opinion on the bottom of this down turn. People don't understand how difficult it is to raise capital to increase CAPEX. CAPEX is what funds and drives drilling. Drilling is what is necessary to maintain and increase production. (Normally, sometimes there are other things in play but not often and they don't make much of a difference on the big picture.)
On Iran. I don't think they are that big of a threat. They have some oil in storage but not that much. Anyone who know anything about the industry know they are more of a distraction than anything. They are using the media as a form of financial global terrorism. They make all this noise about what they are going to do to drive down the price to hurt the producers/countries they hate. If all restrictions where taken off today and they released there oil over night with the current market the oil would be absorbed quickly. If and when the sanctions are removed the environment will very different and I believe the smack they are talking will fall flat. No one is rushing to Iran to invest Billions of dollars in that house of cards I assure you. The risk is to great due to their past history.
I could go on and on about why I believe the bottom is near but I don't feel like typing that much. Do your own research and make your own decision. I'd hate for anyone to loose money baised on my advice. I'm just giving my opinion to my friends here on SaltyCajun and enjoy talking the market. Good luck to everyone.