Supply is stagnant because of limitations in refining capacity, not resource. Irans refineries are aging, Nigeria produces less than 20% of it's available output due to local instability, Russia is limited in it's ability to attract outside investment due to Putins unfortunate habit of seizing Western investments and handing them to his mates, whereas Venezuelas president hands them to the state instead. The only thing that will drive the price down is a reduction in the Wests dependency on cheap oil.