In my just published...Sector Rotation Watch: 'May You Live In Interesting Times'
I showed the chart below and noted that oil prices could remain low for a very long time based on upcoming production increases, which assumed Irans lifting of sanctions but the hypothetical boost that could come from Venezuela based on the fact that it has larger proven reserves than Saudi (but it is apparently "heavy/dirty" oil):
Iraq added 0.74 mbpd in 2015. The EIA just added an article projecting Irans increased production for 2016 and 2017 at 0.5 mbps and 0.4 mbpd, mostly from existing shut-in fields.
Disclosure: I am/we are long XLV.
Additional disclosure: sold XLY, XLK. took profits on FEB option position but looking to add to bearish S&P500 option positions.