The economies of countries like Russia, Saudi Arabia, Iran, and Venezuela are all dependent on the price of oil to be high to meet their budgets. They have a choice, produce more to replace the lost revenue or stop producing to limit the world supply. Since the world is in oversupply at the moment, they are now between the rock and the hard place. If they stop producing, they risk other countries increasing production to make up the shortfall, so no one is lowering production at this time. The only time they will stop selling more oil is when it costs more to produce it than they will get when it sells. In other words, the US and Canada control world oil prices at the moment. Obama will probably say sorry and make the US stop producing.
