Short answer? No 

“Davidson” submits:

As usual the Saudi’s are mislabeled as over producers, Iraq and US are producing much more now than 2011. OPEC production is higher by 400,000, Saudi higher by 1.0mil,  Iraq higher by 1.8mil and US higher by 3.6mil BBL/dy. Saudi production can be seen as nearly flat if one looks at the chart and selects the right starting point.

The US and Iraq are both producing substantially more currently than the beginning of 2011 and both are showing signs of a production slow down.

The media’s constant bashing of Saudi intentions to quash global production by over-producing has no basis. It seems that once someone makes a miss-statement, no one is inclined to fact-check and the misperception becomes the de facto economic view.

As far as “when” oil might rise? In the past it’s been 6mos before rig counts bottom.

(Click on image to enlarge)