A few counterpoints: * In the market oil is a very popular short. So much so that despite Iran coming back onstream, oil has since risen 20 points. * Aramco's

A few counterpoints: * In the market oil is a very popular short. So much so that despite Iran coming back onstream, oil has since risen 20 points. * Aramco's IPO will force it to open kimono on its reserves. Is there a negative surprise waiting there? * Nobody is going to put electric cars into the southern hemisphere anytime soon, because the distances are too long and infrastructure too sparse. As Africa develops, oil demand there will increase, especially with increasing chinese involvement. Ditto Latam. Ditto central Asia, Middle east. * We are seeing inflation picking up around the world, and oil is the classic inflation trade. Finally, anecdotally, the economist has a long history of being a counter-indicator due to its susceptibility to consensus thinking.