Oil- I would add Russia, China as major producers, Iraq and Iran are growing.
House of Saud has a beef with Russia, Irag and China. Plus they produce the same heavy Crude oil. US frackers producer a lighter grade. oil is oil but heavy crude and light crude and have different refinery demands. US competes with Latin America, Africa.
Refineries could change their mix, but still, US press forgets that Russia is has been growing and is a direct heavy crude competitor. They are also polical enemies.
So I think the Politics is driving pricing, but it is more than the US but keeping market share from being taken by Russia, Irag, Iran as well as US.
You are way more knowlegable than me so please do not take my comments as negative to yours.
