How elastic are oil prices in the short term to mismatches between oil supply and demand?

There may be a lot of uncertainty over the trend in the oil market equilibrium : Global demand for oil has an elasticity to global GDP of 0.72, and would of course slow in the event of a recession; Global oil production is forecast to increase sharply in 2020 (by 2 million barrels per day according to the International Energy Agency’s scenario). But the crisis in the Middle East could evidently cause losses of production. All these shocks to the oil market equilibrium have a very significant effect on oil prices, since the short-term price elasticity of oil demand is -0.026 (a production increase of 1%, or 1 million barrels per day, reduces the oil price by 38%).