RE:Saudi's to cut output by 500,000 bbls in DecemberAgreed. Nuetral to good news. Be nice to see the Russians and Americans back off some production too. American shale oil is break-even at best at $60 WTI. Most shale producers have been losing money at $70 WTI. The Iranian oil waivers coupled with lower demand projections will keep pressure on WTI until there is a supply cut somewhere. Maybe we (Canada) should stop giving oil away for a while. The American refineries are eating are lunch and dinner.