Saudi production has reached 10,000,000 bbl per day, near (or perhaps) an all time record high. This comes in the face of Saudi resistance to pressure to decrease production.
Accompanying, this Chinese economy, long seen as a potential major oil importer, has been slowing down over the past 11 months.
Neither of which is a good sign for American oil production. Hovering in the $50 to $60 bbl range for months now, a decrease in the Saudi price and a maintenance of Saudi production can't help but be noticed by the domestic industry's planners.
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