The International Energy Agency said in its monthly report that there are several reasons why a recovery in oil prices is highly unlikely in the short-term. Over the last few weeks, oil prices have remained volatile as rumors came and went regarding an OPEC/non-OPEC meeting, various assessments were proffered on the volume and speed with which Iran can reenter the market, and estimates of a potential boost in demand due to sub-$30/bbl prices were discussed.

http://oilpro.com/post/22190/3-big-reasons-why-price-recovery-isnt-coming-soon-iea-says?utm_source=DailyNewsletter&utm_medium=email&utm_campaign=newsletter&utm_term=2016-02-09&utm_content=Article_10_txt

This is seriously bad news for everyone, for the environment, the global economy and for the oil producing countries, all to protect market share, it's crazy.