I've voiced some skepticism in the past about Saudi Arabia's spare capacity (or lack thereof) so it's worth highlighting this FT piece:
'In a matter of days, Saudi Arabia has hired the largest number of super-tankers in years. When the tankers load their cargo in Ras Tanura, the worldâ??s largest oil terminal, in the next couple of weeks and start a 40-day voyage towards the US Gulf coast, they will deliver a wall of oil with a single aim: to bring prices down.'
Let's hope it works.