The only way for oil producers to cope with the low price of crude is to hike rather than cut production, an industry analyst told CNBC.
Natixis Lead Oil Market Analyst Abhishek Deshpande said that both the Organization of Petroleum Exporting Countries (OPEC) and Western producers were working hard to maintain oil levels—simply as a matter of self-preservation.
"They're left with no choice," Deshpande told CNBC on Monday.
Both OPEC and Western producers want to keep production high, but their motivations are different, said Deshpande.
OPEC is trying to preserve its market share and offset losses from low prices with an increase in sales, he told CNBC. However, Western producers are ramping up production to service a growing debt pile.
"They have taken large amounts of loans to drill rigs on a weekly basis or monthly basis—how do they pay back this money? The only way you can pay back this money is by keeping on drilling," Deshpande said.
"If you stop drilling, basically the music stops."