A reader alerted me to this. I will post it now without comment, might come back to it later:
At the time the kingdom cut the number of rigs, back in the October time-frame, Saudi suggested it was maintaining constraints on oil production.
So, now we see that dramatic increase, month-over-month.
Let's assume Saudi is telling the truth, that the kingdom will hold the line and not increase production. What does the graph tell you? OMG! The Saudi oil fields have a decline rate greater than Bakken shale! LOL. They need to increase the rig count by 20% to maintain production.
Let's assume Saudi is lying. The graph ... this is not rocket science.