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Something else to remember is that global oil prices are quoted in U.S. dollars, but the oil isn't really traded on equal terms on a fully globalized basis. WTI oil prices are falling because there's a growing imbalance between supply and demand of oil here in the U.S. -- which is influenced heavily by the Federal law that prohibits the export of crude oil from the U.S.

If these oil producers in the U.S. are ramping up production even though the forecasts of consumption growth aren't very high, then this probably means that these producers are counting on the U.S. government to lift the ban on crude oil exports.