Agreed, the Saudis have to cut back on production and soon. The latest IEA OMR has forecast demand of 96.5 mbd in 2016Q3. World oil supply was 96.9 mbd in Nov 2015.
https://www.iea.org/oilmarketreport/omrpublic/
I'd say that OPEC should cut by 1 mbd by end of March 2016.
Ann: Final Drilling Update, page-29
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