Saudi still thinks they can run American oil frackers out of business. They are insane about the frackers, or so in need of cash on hand that they don’t care.
The frackers financed their drilling with too much cheap debt instead of more expensive equity—so they created additional risk in their industry.
I cannot shed a tear for them.
I’m thinking that too. So far they are only prepared to make short term effort at it. Theoretically they could add hundreds of more wells on the peninsula but that would take long term capital and planning.