Ya' know... when it comes right down to it, the Saudis don't actually produce that much more than the US. Anyhow, here's an interesting piece of news:
http://www.bloomberg.com/apps/news?pid=20602099&sid=aeizyP_kACUc
They're cutting deliveries back some more. Hmm...
According to them, they cut back deliveries in order to influence prices by lowering supply. Of course, it is possible that they are actually trying to conserve a resource that is running dry, but then, there is no way to prove that one way or the other.
Until, of course, they actually do run out of oil. Then we're all screwed, Saudis and their customers alike, unless we've done a lot more to develop alternative fuels than we have to date.