This morning, the New York futures for Brent are down a modest 0.18% to $ 55.9 and WTI fell 0.13% to $ 52.94. Saudi Oil Minister said yesterday that they have reduced oil production by more than 486,000 barrels per day. Moreover, the minister said that the Saudis production is now less than 10 million barrels per day. Also, Iraq has cut production by 170,000 barrels per day and will soon cut another 210 thousand.