The Saudi Oil Refinery Shut Down Impact on Oil Prices Will Tell Us If the World Is In an Extreme Oil Glut, the IPO of Aramco, and the Future of Electric Cars

The expected rally in the price of oil when global markets open on Monday as a result of the attacks this weekend impacting Saudi Arabia which produces 10% of the world’s oil supply and news reports indicating that as much as half of Saudi equaling 5% of world supply will be immediately taken offline will tell us whether the the oil market is in a profound glut or not - I suspect it is in a state of substantial oversupply, the IPO of Aramco, and what this means for future of electric vehicles.