(a) if oil was really in demand, there was no need for OIL PRODUCERS, to cartelise the markets..There was no need of the heads of Various Govt to make statements ... it simply reflects the hollowness of the markets. Oil is surely being fast replaced by Solar power (which is anyways the prime source of all energy).
(b) To evidence what i said above, think of the following: If all the exchanges on which Oil is traded, simply called for 100% margin coupled with PHYSICAL DELIVERY instead of CASH SETTLEMENT, oil would drop immediately to the actual price (which cannot be more than $20 per barrel).
one must think of the above fundamentals before thinking to BUY oil at the current prices. It is simply not sustainable - as it is far away from its fair pricing.