What we are seeing is almost a slow-motion train wreck. The crude in a pipeline can take a lot of time to reach its destination. The real world can completely transform faster than some oil could finish that trip. Then you have the issue of oil producers playing their own chess game to corner the market.
Useful links:
https://oilprice.com/Energy/Energy-General/Why-Is-So-Much-Oil-Still-Being-Produced-If-No-One-Wants-It.html
https://www.enverus.com
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