Saudi Arabia is a fully socialist government.
It provides free sh*t to its citizens from cradle to grave. This is THE ONLY WAY to royal family has stayed in power for so long.
The is NO WAY they are going to stop the gravy train.
I suspect that their costs are still low and probably lower than advertised. Kuwait, Iraq, and SA are still rumored to have fields where you poke a hole in the ground and get oil. That ship sailed long, long ago virtually everywhere else.
I do find it interesting that supposedly it is very easy to shut down/restart a shale oil producing system. This is definitely not so with conventional oil wells. So, shale oil might have a “price capping” effect on prices in the future.