This is a lie. There is plenty of supply.
This is the argument op is making.
Whether to burn it or not is a different question.
The war may force Russia to sell their oil to non-Western countries but the crisis helped support oil price and made global investments in O&G profitable for them again (and for every other producers too). Just like with the war in Iraq - which explains why Putin did not oppose the US invasion for long after they realized it would bring enormous profits to Russia.
That is and never has been the crux of the matter. We need affordable supply.
If I have 10 apples to sell, 9 of them priced at $1, and the last one at $100 billion, I could also claim to have plenty of supply.