If only Obama had bowed lower to the Saudi king this never would have happened.
It costs those worthy oriental gentlemen about $2.50 to pump and ship a "barrel" of oil. Rest assured that (1) They have not "cut production." And (2) they are royally upset with The Mombasa MF's lack of direction on the Iran situation.
Embarrassingly for the Saudis, their major fields lie in the NE part of their territory ... a region with a heavy Shiite population and therefore a center of Iran-inpsired unrest from time to time.