As discussed, what they actually do is set price for their refiners and then let them buy as much as they want at that price.
They use ‘speculation’ and the like for ‘cover’ for raising and lowering their prices.
SAUDI ARABIA HAS CUT OIL PRODUCTION BACK TO APPROXIMATELY 8.5 MLN BPD ON WEAK DEMAND – SAUDI INDUSTRY SOURCES
SAUDI HAD PRODUCED UP TO 9.2 MLN BPD FOR AT LEAST PART OF MARCH ON LIBYA DISRUPTION – SAUDI INDUSTRY SOURCES
SAUDI PREPARED TO BOOST OUTPUT IF THE MARKET REQUIRES MORE CRUDE – SAUDI INDUSTRY SOURCES