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Oil stocks are highly cyclical.
When they look the worst, they are generally the best to buy.
I think this is true on a short term, medium term, and long term basis.
One of the reasons I left the oil and gas sector and moved toward a more generalist approach was the near absence of any real discussion around risk. When diversification came up, it was often framed as owning both oil and natural gas. During the upcycles, the prevailing view was
