The oil companies are price-takers, not price-makers. That is: the market for oil is competitive enough that no oil seller can unilaterally have much effect on the market price, and collusion between multiple sellers (most notably OPEC) hasn't had significant effects on price since the 1980s due to rampant defection among the member countries.
Oil prices are determined by the reality of how much oil is produced and how much is used. This is exactly what you would expect in theory from a global commodity market with many sellers and easy shipping, and it's what you see in practice. I'm not sure what gave you the opposite idea.
(Minor caveat: this argument applies to oil but not natural gas, since the latter is much harder to ship in a dense liquid form, and the markets for it are correspondingly smaller and more geographically local.)
Oil prices are determined by the reality of how much oil is produced and how much is used. This is exactly what you would expect in theory from a global commodity market with many sellers and easy shipping, and it's what you see in practice. I'm not sure what gave you the opposite idea.
(Minor caveat: this argument applies to oil but not natural gas, since the latter is much harder to ship in a dense liquid form, and the markets for it are correspondingly smaller and more geographically local.)