A large reason that oil production is high, is that producers raised debt at a much higher price of oil. Now they're being severely squeezed, and have to produc

A large reason that oil production is high, is that producers raised debt at a much higher price of oil. Now they're being severely squeezed, and have to produce much more oil (at ~ half the price) in order to service the debt. Tankers are sitting off the coast in the Middle East because there is no other place to put the oil. Also, the Cushing reserve is nearing capacity (which tells you it's being stored for a sale at hopefully a higher price).