to offset lower revenues they pump more
- - - -
They have not increased production.
It would seem their most pressing concern is Iran...The rest is about Suadi hegemony in the gulf, and them as the top of the proverbial heap. There is much strategy on their part and we cannot see all of what they see/know/anticipate.
The whole region is a sectarian powder keg waiting to go off at any moment once the boot of power is eased from whomever is wearing it at the moment. The House of Saud needs to keep an iron grip on all of the players lest the alliances start shifting and the House of Saud ends up dead.
Were the House of Saud to fall, imagine the mess over there.
I would think that they will pump more oil if necessary, whatever it takes to keep them alive and in control. I don't think that they are thinking of the future right now....they are thinking about tomorrow and keeping themselves large and in charge whatever it takes.