Should we buy into the oil indexes/ETFs now given that the US and OPEC+ are really cutting down on production?

That's the billion dollar question isn't it! Sadly predicting the price (especially on a short term basis) for any underlying, especially something that can get whipsawed by a number of macro factors like Oil is basically impossible.

Some of the main factors are play on the demand side, or lack there of, is the electrification/use of LPG/LNG for the purposes of transportation while also a surge of supply given the shale boom in the US. Personally find there to be more value in the shipping of oil sector.