Wow! that's some great observations. I checked out some fundamentals some time ago and it seemed like oil prices will go down, stay down for a while and skyrocket. I've heard that many oil producers went under because of the low prices. So we are getting ready for a correction. The demand for oil is going to increase especially from the developing countries. So basically we are going to be seeing new ATH for oil prices.
I just hope Venezuela government will go bust before that happens.
I don't think the new damand for oil is keeping up with the production increase. We can already see huge inventory build ups, which will ultimately be bearish for oil. The market is driven by huge amounts of speculators though, so you never know. For americans , it also makes perfect sense to get more marketshare and crush opec by becoming the worlds largest producer as long as prices stay on a high level. When the price starts to drop hard, investors will take the money earned and run for the hills.
This kind of a bust is bound to make make many companies go bankrupt. It's already happening. At some point inventories will be emptied and there won't be enough producers left. This should drive the oil prices high.