"they are the ones that aggressively curtailed wells"
True enough... but if you look at March 2020, when China shut down and cut it's oil imports by 83%, oil prices actually went negative right after that. Literally. Ship owners were paying distributors to take it off their hands. I've never seen that in my life.
Make no mistake though. There are a lot of wells shut in right now, and thousands of drilling permits just collecting dust, and what you said is absolutely true. They can get more money for oil by creating scarcity.
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