They also want to put fracking out of business. Let them try. If they want to give away their oil, let them.
When oil extraction gets difficult they will join the fracking party themselves.
One wonders what impact this is having on Saudi revenues and how long they can go before they feel the squeeze? There has to be a pain point eventually. Nations have bills to pay.
I have no idea how this plays out. No doubt that there are geopolitical games being played by the Saudi’s, but when your revenues are cut in half certain “dislocations” usually set in.
Selling oil at market prices isn't giving it away. They're now at the point that decades of rigging the price at too high a level above production costs has incubated competitive suppliers and driven long-time oil consumers towards substitutes. US consumption peaked in 1978 even though inflation-adjusted GDP is almost 3x what it was back then.