Thoughts on the Saudi Aramco IPO and its implications for WTI

It's interesting to watch how the $IDR (Saudi Aramco's local listing) is performing, currently at $28.8, down quite a bit today. There's been a lot of talk about how the Aramco IPO could fundamentally shift the dynamics of oil markets, especially for WTI. My take is that while the public listing does bring a new level of transparency and capital market influence, the underlying supply/demand fundamentals, coupled with geopolitical factors, will continue to be the primary drivers for crude prices, more so than the day-to-day fluctuations of the $IDR share price. Am I missing something here, or is the direct impact perhaps overstated by some?