The Saudi's problem is not the cost to produce each barrel of oil. Their problem is the amount they spend on everything, compared to the barrels they sell.
Arabia Maintains Spending Plans in 2015 Despite Oil Slide
http://www.wsj.com/articles/saudi-arabia-maintains-spending-plans-in-2015-despite-oil-slide-1419507064
Dec. 25, 2014
The International Monetary Fund and others estimate a Saudi Arabia’s fiscal break-even price for oil at well above $90 a barrel—it has been trading recently under $60—underlining the country’s vulnerability to changes in the energy market.
“It is worrying when the expanding government expenditure begins to erode the financial surpluses built over the last few years,” Saudi economist Fadhil Albuainain said.
Saudi Arabia said on Thursday that it projects total expenditure in 2015 to reach 860 billion Saudi riyals ($229.3 billion), an increase of nearly 1% from the last budget, a record. It will likely use cash from its reserves to spend on development projects in sectors such as health care and education. The kingdom expects to run a wider deficit of 145 billion riyals to continue with its spending plans, as projected revenue falls by nearly a third to 715 billion riyals, according to a finance ministry statement.
Saudis should be taking in all of those Muslim refugees invading Europe.