Weak demand for oil will continue due to overconsumption of oil

Due to the sharp fall of oil prices last year, many companies and countries have consumed more oil than they actually need. Because their belief that the current oil price is abnormal, they have been over-consuming oil and storing for their future once the oil price increases again. Such behavior will longer the length of low oil price. Once the oil prices rise again, the demand for oil will drop sharply. If the revenues of oil sales fall, many oil exporting countries may reconsider to reduce the oil prices again in order to boost the volume of oil sales. Therefore, I think even after the oil exporting countries agree to cut their outputs, the situation of low oil prices may last longer.