“(The Saudi’s are flooding the market to lower prices to help slow down the US exploration and use of shale and oil sands, which are currently only viable over $60-70/barrel.)”
There are lots of reasons for the Saudi actions. One maybe a re-enactment of Saudi actions in the 1980s to cause the downfall of the Soviet Empire by forcing a huge drop in the price of oil. The Saudi target might also be Iran or the rest of OPEC.
In any event, if you’re correct that the target is US shale oil, then $60 per barrel becomes a ceiling for oil prices.
The Saudis no doubt are also doing their best to hamstring the efforts of the Persians to dominate that region.