The oil producers are adding as much as three million bopd of excess crude oil, globally.
Iran has yet to hit its stride.
Russia says that even if the "production freeze" is agreed to, by the rules laid out, Russia would be allowed to increase output.
It was just reported today that the crude oil output from the federal Gulf of Mexico will hit a record high in 2017.
And today the EIA provides us this graphic (via John Kemp over at Twitter):
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