One thing you also have to consider (siblings comment are good too) is that the oil price are ridiculously low. This might seems like a good news, it's not. It

One thing you also have to consider (siblings comment are good too) is that the oil price are ridiculously low. This might seems like a good news, it's not. It makes mining cheaper (good news in the short-term) but also it reduce the incentive to invest in capital-intensive oil rigs. And this will probably mean a small oil shock two years from now. Also, while i did not have the possibility to look directly inot Rystad[0]'s data in 2019, i've talked to people who did and Rystad's predictions about above-ground issue resolution were really, really optimist and still estimated a 1% contraction of european oil supply in 2029 (last time it happened were 2007 and 2009). Not only counting covid effect on oil-producing countries population hunger but also ISIS resurgence and the continuing crisis in Lybia, i think it would not be dumb to bet on no growth at all in the eurozone. [0] https://www.rystadenergy.com/ https://www.rystadenergy.com/