Only about 5% of global projects (new production not existing) are economic at 35$ (lots of internet data on this). Existing production declines at 5% a year (5 mb/d). You need to replace that production and account for 1 m/d + of demand growth.
I have been in the Oil and gas industry for 38 years. One thing is certain is that in the short term price can go anywhere (1% oversupply is a glut) but eventually it has to be sufficient to replace produced barrels and keep producing countries solvent. At 35 $ approximately 5% of produced barrels can be replaced.