Thackney, was there over-production or not?
Come on, don’t act like you don’t understand these dynamics.
We both know you do.
If you are looking at total numbers, for total oil global supply, yes.
The issue about removing the Oil Ban, the topic of this thread, is based upon the US have had several million barrels a day increase specifically in light sweet and in limited areas.
The US still is an importer of crude oil. We don't come close to producing as much as our refineries use. Many of our refineries are designed for cheaper heavy sour, that contains more BTUs per barrel.