There is a shortage of refining capacity, and has been for a while, as neither Europe nor the US expanded refining capacity since the 1970s, and Europe got rid of 1/3 of their refining capacity under their faith-based energy policy of "If we destroy it, we won't need it". As a result, Europe must now import crude and distillates from nations it likes to sanction, and because the refineries are working at peak capacity, any interruption results in a gap that must work its way through the system as there is no possibility of catch up via excess capacity.

In terms of there being a glut of oil, the measure of that can be seen in things like the median wage/productivity gap, which began to widen during the Arab oil embargo and has not stopped widening. We do not have abundant oil, if we did, the prices would be $40 per gallon and would be stable across weather events and other things that drive the price of oil up today. We live in an era of energy scarcity, which is why capital has the upper hand over labor.