I also wonder if they see the US printing more money to monetize its debt and they know that such a move will drive up food prices for them and other Persian Gulf countries. So they are going to beat the fed to the punch by cutting exports.
By the way, crude oil is now trading at over $104....thats a $2 increase in the few hours since this news broke.
That's part of it, the Saudi's ain't stupid economically.
However, it's more about survival and protection. The Saudi royals have a dream on Earth protected by US military might. They paid a pittance to Muslim Brotherhood, al Queda, and Taliban types for peace while exiling or beheading any non Saudi fundamentalist Muslim that caused a bruise in their applecart with the US.
At the same time they fund Mosques all over the west, but not in the surrounding Arab states. The radical Muslims in those states have always had eyes on the Saudi Royals income to fund the Muslim Brotherhood's expansion to a Grand Caliphate without the Saudi's, just with their money and oil.
With the US history of double crossing and selling out friends, and now getting on it's knees to terrorist nations, the Saudis know what's coming.
Russia and China will give them protection from Iran and the Muslim Brotherhood's Caliphate, but the price will be selling oil to China, and strangling the west's energy for Russia's benefit, and the Saudi's won't be losing much dough, while saving their lives and positions.