Mark this writer. He believes it just a cycle. I posit the cause of the hit are non-cyclic events. Perhaps he will have a different opinion if s/he is personally affected by The Cooties, not in a good way.
Dateline 2020-09-07, Malaysian Reserve:
IN 2014, the world’s oil market crashed, sending the industry into tatters. The oil price plunge of 2014 came after more than six years of above US$100 (about RM415) a barrel oil price average.
After the spike of oil price after 2008, producers were demonised to ride the high price, pumping more oil and gas (O&G) from the ground, leading to an oil glut before prices fell like a meteor shower. Brent oil prices plummeted from US$120 to US$28.55 a barrel in January 2016.
It is a great plunge considering that crude oil spiked to more than US$160 per barrel after 2008.