Notice in the Supply & Demand Chart 1, left, that production can be said to reflect consumption, i.e. that production is related to consumption. It may be said further that if demand is decreased, there will be decreased supply. In fact, the demand may be said to cause supply if one is looking at 1973-2015.
Supply & Demand Chart 1 More Recent Trend - 2016 to 2020
Supply & Demand Chart 2
The new data (above) shows that there is a
decline in consumption (demand) from 2016 to 2020. This would confirm our theory that production (supply) is a result of consumption (demand).