[Bonnyboy]

I see it like this.

Global markets set the oil price, demand by the likes of India and China are on the increase. We in the “west” are still using as much as we ever did. Same supply higher demand.

OPEC supposedly govern the amount of oil production. They keep the price artificially high by governing the supply , just high enough so that they don’t get their chips too soggy and folk don’t start to look for alternatives while they still have oil supplies.

Up production lower the demands and the price will fall.

Of course OPEC have something to do with it, they are manipulating the market.