Oil will crash to $10 a barrel with electric vehicle revolution, strategist says. Chris Watling, chief executive of Longview Economics, acknowledged that a key catalyst for the oil market would most likely be Saudi Aramco's initial public offering (IPO) in the second half of next year.
And when he was asked about Saudi Arabia's state oil group being launched on the international stock market, he replied, "Well I think they need to get it away quick before oil goes to $10 (per barrel)."
Over the long term "what happens with electric vehicles is really, really important" given that around 70 percent of oil is used for transportation, he added.
Watch the video