Yeah.. of course they do but I don't think they went in buy back their oil like that just to support the market from collapsing below that number.

All they need to do is just to say the words 'cut production', and this Oil market will rally to the moon. 

Perhaps do not even need to act on it.. just say 'maybe we're thinking about cutting back xx', the bulls will jump back in as if it will definitely happen.

You know why? It is just like how in early part of this year, when OPEC and Russians were planning to talk about "freezing" production at the current level (not even cut.. just maintain only) but the talks collapsed with no agreement. Oil rallied from the lows of $26 till this level with no confirmation on what they actually did or did not do.

So far, in reality NONE of them has any production cut at all... how the heck did the market even justify the price at this level, right?  All talk only, but the bulls got very excited already.