It does have to do with supply and demand. Most of the drop has been due to over supply but alternate sources have only been responsible for part of it. Until Covid hit, annual world oil consumption had been increasing.
Oil prices are being manipulated to such a degree now wilbur that carrying on a debate on the reasons for price changes is pretty well meaningless.
The only thing we can know for certain is that wars are being fought for the resource and Cold wars are being fought by the US against both Russia and China for the same reason.
So it's got nothing to do with how much any of the big players will pay for oil, it's all about gaining access to the oil because of favoured status. Venezuela is intent on selling to Russia and China and that just can't be when it comes to US interests.
This isn't rocket science and it hasn't been since the US tried to corner Iraq's oil with the first Gulf war.