Or demand growing faster than supply. It’s the market that will determine prices, not the Saudis. One advantage they have is massive financial reserves. They’re in a very desperate political situation and a destabilized Iran and region isn’t healthy for them.
I still think that American innovation will do more for energy and oil prices than Saudi market meddling.
I don't see OPEC failing to agree to cut production as Saudi market meddling. It is more in line with allowing supply and demand to work out the price.
I see Saudi as recognizing that $100 oil with current technology was a long term losing situation for them. And if Venezuela, Iran and a few others needed >$100 to pay for their overspending, that was their problem, not Saudis.
I think the Saudis are crazy, but in general, I don't think they are stupid with their revenue projections.