Occam's razor. The simpler explanation for current oil prices: NACHO is consensus, prices reflect that, demand destruction is doing 5.6 mbpd of work in JPM's own model, IEA released 400mm barrels, Petroline ramped from 5 to 7 mbpd, UAE left OPEC and is producing more, NE Asia stocks are comfortable.
Five legitimate offsets to oil supply and demand. None require a conspiracy.