I don't agree that there is any "dumping" and that supply is excessive. Compared to history, this still a relatively high prices, just not sky high. I see supply, and the surplus margin of supply, beginning to return to normal. In my opinion, it is returning to normal because the sky high prices infused the industry with the capital needed to invest in exploration and production to bring those values back to normal.
If you want to, go back to post #11 and read that OPEC report. It has detail and comparison of the World's oil market, supply and demand, with comparison to previous years. It is one of the most up-to-date free oil reports available. Expected world growth in demand is also down. Total demand is up, but at a much more stable growth rate than the spikes being predicted 9 months ago.