Allan Gray eying oil and iron stocks, page-5

True , and there is an expert opinion to suit whatever stance you have on oil at the minute!
Speaking in generalities......
Fact is the over production of oil is quite minimal and certainly hasn't warranted the significant slide that has eventuated. Now with investment and future production being axed across many projects it doesn't take a rocket scientist to work out what happens next.
What's probably more relative is the large investment houses playing catch up in the last few months finally revising all their forecasts. Running at least 6 months behind any move it's probably fair to say now they are calling it to fall further - it will turn the corner and rise. Sometimes it seems they really only reflect public opinion and say what you want to hear so you will invest with them. Their opinions seem to line up with when the Taxi driver starts talking about the oil price going down further......no offence to any Taxi drivers intended.