Another way to see this is to consider the strong surge in oil inventories among OECD countries. Chart 7 b Overhang in oil inventories weighing on oil prices OECD oil inventories and oil price (lhs: billion barrels, rhs: USD per barrel, inverted)  Sources: Bloomberg, IEA and ECB staff calculations. Latest observation: Jan-2020 (spot) and Dec-2019 (inventories).
Oil inventories typically correlate closely, and negatively, with oil prices.