LAA I will agree with you that Cutting prices is a far cry from increasing production.
But if you were the worlds largest supplier of calves; You usually held back calves when the market went slack to keep prices up; and then at the right moment when some big buyers were cutting buying of calves; kept shipping calves with a price tag of 50%; you would influence the market enough to drive calf prices down.
China and others are cutting oil imports creating somewhat of a glut in the market.
USA is pumping more oil than ever with a government export ban on crude oil. The Saudi price cut is selective; so they are selling oil to USA buyers at a reduced rate. Saudi Arabia in the past would have cut production to keep the price up but they did not do that this time so there is now a real glut of cheap oil in the USA.
Not really dumping oil on the market. More so refusing to artificially keep the price high by limiting supply.
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Today's Featured Article - When Push Comes to Shove - by Dave Patterson. When I was a “kid” (still am to a deree) about two I guess, my parents couldn’t find me one day. They were horrified (we lived by the railroad), my mother thought the worst: "He’s been run over by a train, he’s gone forever!" Where did they find me? Perched up on the seat of the tractor. I’d probably plowed about 3000 acres (in my head anyway) by the time they found me. This is where my love for tractors started and has only gotten worse in my tender 50 yrs on this “green planet”. I’m par
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