If it is true then, its time for much more cheaper oil.
It remains to be seen if your wishes will be fulfilled. Let me qualify what I have stated. The fact is KSA wants to retain their market share in order to support social programs without making their folks work for money, it is an uphill task for them. Damn if they do damn if they do not do it. For KSA to keep their social program they need minimum of $80.00/barrel price in the open market. But on the other end they have a new competition not only from North American Oil sands in Canada and shale oil and natural gas production in USA. They are also competing against the Latin American producers as their oil is finding market in Asian market as well.
In my view the present Yemen situation broke out after the oil prices plummeted to the present level and there is still some room for it to either way depending upon the direction of conflict in Yemen. Who is aiding the conflict now and why it started only after the oil prices started to sink can be debated? My opinion is that either West (USA and Canada) or Russia in collusion with Iran might be behind this since these countries are facing the financial repercussion due to sanctions in the case of Iran and Russia where as in USA and Canada we have to cut back on drilling activities which has led to 14,000 job loss in the Canadian oil sand projects.
If the Yemen rebel succeed in controlling the passage way of oil tanker traffic and Shia's in KSA start their own agitation than this will effect the oil prices as well, it is going to go up. How far will KSA go to crush the rebellion and how much Iran will get involved will be another factor to detremine the oil prices in the market in the near future.
Just because Iran and West have reached nuclear deal does not mean we are going to have lower price rather the deciding factor will be peace in the region and focus on economic development by employing the youth in meaningful ways.
I am giving you the following links to read which I find relevant to the topic and my views on the topic.
http://www.google.com/url?sa=t&rct=...gN7kPLzeTukNF6yAFfacW4A&bvm=bv.89947451,d.aWw
http://www.google.com/url?sa=t&rct=...OPCbqSLBdkRsb5wtsysEBow&bvm=bv.89947451,d.aWw
http://www.google.com/url?sa=t&rct=...vHRZAiQOfipYB-JNSNkLA_A&bvm=bv.89947451,d.aWw
