I’m not sure I follow you. Are you saying that China and India are taking part in the oil futures market? Or the fact that they’re growing so much right now is leading to greater demand, thus raising the price? If the latter is the case this would be in direct conflict with what the article is saying about Saudi Arabia and Iran have vast surpluses of stored oil. I’m confused.
“Stored oil” means it is oil that is not on the open market yet. They hold it in reserve and control the price that way. It also means wells that have been drilled, but not depleted or yet sold. In this case you seem to consider the oil not yet produced as a “surplus”.
That’s not how the industry or the market works. In fact, very little of the oil taken out of the Alaska Pipeline goes to our domestic use. Most all of it is contracted to Japan and is tankered there the moment it hits Valdez. The reason is logistics and shipping distance and difficulty dealing with shipped products.
Most of our oil comes from Canada via pipeline.