How do country's reduce Oil Production, page-3

"Turning the taps off" is easy if you are losing money on current oil prices. Best and easiest example is have a look at USA situation. I think about 58 USA oil companies are either bankrupt or going through bankruptcy proceedings at the moment and this will immediately equate to loss of production. Then, look at all the drill rigs that have been taken off line. As shale oil requires constant drilling and fraccing to keep oil flowing, this lack of drilling over short to medium term, will place even more pressure on production. Then on big picture have a look at the $350 billion dollars of investment either cancelled or deferred on primarily conventional oil projects world wide and this will add even more pressure on production over medium to long term. Finally, demand side is still very strong and with "supposedly" production freezes from a number of the big players we should see supply/demand dynamics change. Not a lot to do with governments but mostly to do with supply/demand fundamentals.