Oil producers have shown reluctance to draw down supply while societies have yet to find a universal replacement for oil, which will keep prices lower for the immediate future, one energy investor said Wednesday.
"I think it's still early days and we have more pain coming," said Gregory Beard, global head of natural resources at Apollo Global Management, at the Delivering Alpha conference presented by CNBC and Institutional Investor.
Both West Texas Intermediate and Brent crude have shed more than 45 percent in the last year, hitting bottom lines and stock prices for oil companies. Prices may stay steady or fall even more, as many developed countries have yet to find a "silver bullet" to replace oil and further soften demand, Beard contended.
He also said global oil demand may not peak for 10 to 15 years.
In a panel Wednesday, Beau Taylor, chief investment officer at Taylor Woods Capital Management, added that "it's going to be very hard to rally." Oil currently sits in a "supply-led bear market" and further downside seems more likely than prices rising, he noted.
"The bar to a selloff is relatively low," Taylor said.
He believes a "quick and erratic" downturn could possibly bring WTI to $30 per barrel, from about $51 on Wednesday. Taylor noted prices will likely stay in a lower range for at least the rest of this year in any case.