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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