In reply to Jonathan Poe.

Hi Jonathan,
Thanks for your comment.
Indeed the whole issue around large debts of the oil producers forcing them to continue to produce oil is another element of the current situation. Also Iran getting back on line to the production levels before the trade embargo, countries like Venezuela who have based their national budgets on a $110 oil price, and the fight to remain market share are all contributing to the fact that supply is higher than demand at the moment.
It will be interesting to see how this develops going forward!