Hello,
The OPEC, which controls a vast majority of the available oil has not been able to control the production or cut the production.However, with greater domestic production, these three countries are importing less oil and are in fact exporting more oil. Saudi Arabia, the major producer inside OPEC, has denied to decrease its production because of fear of loosing the the market share.
Overall, global demand for oil has slowed significantly, especially with China approaching at least a slow down if not an outright recession.
Finally, Iraq is about to put its oil on the market as the sanctions has been lifted.
All of these things point to a continuing over supply of oil, and at least a level if not declining global demand. It is not unreasonable to think that the price of oil will continue to slide. However, it may do so more slowly than the current charts look. One clue to look for would be the union and or "normalization" of the futures and spot market prices. But for now...if you are short, stay short. If you are looking to go long, best to wait. And you could have a very long wait.