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Of course, no one wants to be the country that stops pumping first, especially in cash-strapped nations like Russia and Venezuela. Meanwhile, Saudi Arabia — a part of OPEC — has not slowed production. The Financial Times reported as of June that the Saudis had increased production to a record 10.3 million barrels a day, or one in nine barrels bought globally.
So what's the strategy behind this outcry for lower production from OPEC in the first place? And where does the U.S. — and Houston — fit in? We ask Forbes staff writer Christopher Helman.