RE:Thoughts On EIA ReportEven without the freeze, there is not much more Saudis and Russia can produce. Oil supply decline is happening globally except the gulf states. It's just here in North America we focus more on US supply declines. The Saudis are rapidly running out of spare capacity by increasing production, which jeaporidize the oil supply as its 2 million boed spare capacity is traditionally used to cushion any supply outages in the world. If the Saudis does not freeze this time, we may be more likely to see oil price shock rather than prolonged decline in oil price. Just my opinion.