Right now, OPEC (which is the biggest band of oil suppliers) don't really have consensus on cutting production. That is the only way they can control price. If they cut production, non-OPEC countries like the US will be the biggest beneficiaries.
But Russia, Venezuela and Iran are approaching a consensus. Since the beginning of this year the oil price has already risen more than 50%. It's also likely that the coming winter will be much colder than the previous one, which was significantly outside of the normal temperature range. That will increase demand.
I'm not writing this, because I think it's a good idea to invest in oil. In my opinion, oil is too political and price changes are often triggered by political world events. So you may be lucky in one case and loose out of the blue in another occasion. However the risk profile is certainly much better than it was in 2011-2014, even though I don't expect oil to rise to new highs anytime soon - the overall economy is not in a position to support such a move.
Regardless, oil will be around another few decades, being slowly replaced by greener technologies along the road.
ya.ya.yo!
