[thackney]

Saudi is producing about the same or less oil than they were a year ago.

The only major increases in oil production have come from the US over the last few years. We have changed the market more than anywhere else. Canada to a lesser amount.

EIA estimates that OPEC crude oil production averaged 30.1 million bbl/d in 2014, unchanged from the previous year. Crude oil production declines in Libya, Angola, Algeria, and Kuwait offset production growth in Iraq and Iran. In EIA's forecast, OPEC crude oil production remains flat in 2015 and falls by 0.3 million bbl/d in 2016.

[DungeonMaster]

Saudi is producing about the same or less oil than they were a year ago.

Yes, I'm just recalling the Opec meeting where Saudi refused to reduce production to bring the price up. I believe their statement was that they didn't care if the price dropped to $20/bbl.