OPEC is holding steady?
I think they slashed the price to try to destroy their biggest threat: the US fracking industry.
And as you noted, global demand is still rising, although at a slightly reduced rate.
By the way, I’m wondering: What is the Saudi’s break-even price for a barrel?
It's been discussed on here a lot. Depends on what you use as "cost". They can get it out of the ground for next to nothing, but they are funding all these govt social programs from the profits. If you include those costs, you see numbers of 60 and 70 USD/bbl.
OPEC nations typically set prices based upon the market exchange price. Different grades of oil sell at different adders or discounts to a set exchange trade quality and location.
Saudi uses the Dubai Oman Crude’s trading price average for reference to their selling price.
Saudi is actually producing less oil than they did a year ago, but not much different, just a small percentage change. OPEC in total is producing within ~2% of their 30 MMBPD allocation for several years. With some of Libya’s disruptions ending, they have sent a bit more oil to the market, but little compared to the US increases.
Saudi cost of production per barrel? Probably somewhere in the single digits.