They've been doing this for some time. Every time there talk about alternatives they start pumping out more. Keep talking, and keeping going for it, I say.
Ditto!
OPEC has been playing games with us since the 1970s. My wife worked for Texaco in their World headquarters fo 30 years. I've heard more oil "war stories" than anyone here could ever imagine. She worked in planning, exploration, marketing, the tax and legal departments, and wrote speeches for DeCrane, Kinnear, Hicks and Jeitz. We hosted soirees for Managing Directors for the Dutch, Spain, and the Swedes for the Texaco President's Award.
This is not pumping any additional oil. This is taking the oil they normally sell and refining it. Then the refined product is sold at a higher value.