We have been\was in drought for 10 years in Australia. Rain clouds are formed by drawing the moisture from the oceans and land, more from the oceans though. (basic description) So that equals when the land is in drought and it hasnt been raining that there has to be all this extra moisutre (or water if you will) sitting somewhere waiting to be collected. Thats why the oceans are higher at the moment.
So if we could then break all the worlds droughts the oceans would drop

Almost sounds like the gunman over the grassy knoll theory, except that due to the drought its not a grassy knoll any more its just that pile of dirt over there