Is the decline of oil price since Jun 2014 a cyclical decline or a structural change? This question has important implications, as it affects whether Oil & Gas (O&G) stocks, which have been severely beaten down, are bargains. If it is a cyclical decline, it is only a matter of time before oil price recovers to higher levels and good business returns to the O&G companies. However, if it is a structural change, the good old business might never come back to some of the O&G companies again. To understand whether oil price is in a cyclical or structural decline, it is important to understand the intentions of the largest oil producer -- Saudi Arabia, whose actions affect oil price and the fortunes of the O&G industry to a great extent. Please note that I am not an expert in O&G and this post is very much a speculation on ......