Yes, the US still imports oil. Some have predicted the US will be energy independent by 2020. Russia and Iran didn't want to cut production and still don't. They want everyone else to cut production. But under the current arrangement Russia will cut 300,000 barrels a day. Iran is exempted from production cuts owing to its history of being sanctioned. Russia is very desperate. The question remains if Russia will actually cut back its production? I have my doubts. Russia doesn't have a very good record of honoring its promises. But if by agreeing to production cut backs it gets others to cut back on their production it advantages Russia with higher prices for its oil. We will have to see if Russia lives up to its production cutback commitment or not. Venezuela is a basket case. It has mismanaged virtually everything. It's one of the leading oil producers. But it hasn't made the investments necessary to keep its oil business healthy. It's oil industry is in decline due to neglect and mismanagement.