The Saudis know for a fact that it will go back up again for Memorial day, and the summer vacation season.It always does.
Do you really think the Saudi rulers would rather get big bucks for oil for a few months and then have Iran use their large oil earnings to support a Hamas like organization to overthrow the Saudi Arabian government? Do you really think the royal Saudi family would rather be a bit richer and very dead. The Saudi rulers are not motivated by money. They have more now than they could ever spend.
The Saudi's are selling lots of oil to cut the amount of money Iran has to build Nuclear weapons, and finance attempts to overthrow the Saudi Government. Other governments in the area are concerned by Terrorists supporting Iran. If Iran can do it in Liberia, they can do it in any nation. The Saud's have to take Iran down. They were hoping the Israelis would do it. But they are not likely too. That leaves the Saudis and their oil as the only way to bring the Iranians downfall.
If they take the price low enough the citizens of Iran will overthrow their government.
The Saudi's will pump at capacity as long as the current government is in power in Iran. Kuwait is pumping lots of oil as well, and perhaps some other middle eastern states will soon be pumping at capacity.
It is likely that the price of gasoline will drop to about 20 dollars a barrel. If that does not take down the Iranian regime look for Saudi to pump oil until the price goes to 10 bucks a barrel.
That would take us back to 89 cent a gallon gasoline and bankrupt the Iranian government. Withholding the Iranian's entire production would not bring the price back up. Iran would have to sell their capacity output in hopes of having enough money to stave off rebellion.
The Iranian dictator has threatened his political opponents in Saudi, Kuwait and other the middle eastern nations one time too many.