Please name any of the myriad oil tyrannies which is economically positioned to withstand a 10% or 15% reduction in total oil sales. Russia cannot, Saudi cannot, Venezuela cannot, perhaps Iran can, but that is only because of its special circumstances resulting from the just lifted international sanctions.
No, the oil bulls constant bidding up of the price of oil is an inane attempt to recapture the go-go market of the past few years. That market is not coming back. Oil supplies will remain near record levels, while demand will continue to remain low. The current weak, and weakening US economy will offer no respite. The world economy is devastatingly weak, and will continue to weaken.
The oil bulls dream the dream of the blue turtles, while burning the massive QE capital created by the Federal Reserve Bank, and other central banks. While this is necessary, and allows us to skate around the other even more negative possibilities like rampant inflation, it is economically wasteful.
We live in absurd times, in a world run by clowns.