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RE: Has Saudi Arabia solved the oil glut and has oil bottomed?
The price has only risen because the Canadian fires have taken their oil sands out of production, and as you say, the troubles in Nigeria. But the higher oil price means that the frackers of North Dakota stay in the game, so their spigots will get turned back on. They'll take the opportunity to fix their prices by selling forward, which means they stay in the game, which means that the supply of crude will not fall.
Totally, everything depends on what price and availability. As price goes up for sure availability goes up. Though global demand keeps going up. I believe in a few years we will most likely be at much higher levels. The energy service companies are where the big money will be. ORIG, Transocean, Halliburton.