Is the oil surplus caused by the economic slowdown in China?

Question:

Is the oil surplus caused by the economic slowdown in China?

Answer:

No. The world consumes about 100 million barrels of oil per day. US consumes 20 million, while China consumes 10 million barrels per day. Thus, whether China is in a recession or not, its economy will not have a significant effect on the world oil price.

Because of new technology (fracking), US production of oil has increased from 5 million barrels in 2008 to 9 million barrels per day in 2015. US now exports oil, and US exports of oil will continue to rise.