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Oil is a commodity. A drop of oil is a drop of oil in the world market for oil. There are a few subtleties, for example some types of oil require a specific type of refining capacity that may be concentrated in certain areas. but outside of that fact, like I said above we need a consistent policy regardless of the current price. When demand is peaking any issue with supply can trigger an "explosion" in price. When the market is on that margin, smaller amounts of marginal production can prevent that "explosion" in price.
Keep in mind that I am not talking about financial speculators, but for example if you are an industry that needs 100 million barrels of oil, and you fear that the supply is going to be disrupted in the future or that prices will be 50% higher in the future, what do you do? You try to lock in your supply. How much over current real market price are you willing to spend for that "insurance"? If the market is stable and you anticipate stability, the premium you would pay for that "insurance" would be less or zero.
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"Democracy is two wolves and a sheep voting on lunch."
"It is useless for the sheep to pass resolutions on vegetarianism while the wolf is of a different opinion."
"If you live among wolves you have to act like one."
"A lady screams at the mouse but smiles at the wolf. A gentleman is a wolf who sends flowers."
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