"Low oil prices have limited the government jobs that many Saudis have long relied on, and the kingdom is trying to push more citizens, including women, into gainful employment. But some working Saudi women say hiring private drivers to get them to and from work eats up much of their pay, diminishing the incentive to work." I'm guessing that this is the biggest driver - Saudi Arabia just cannot afford to not allow th…
It's a strange statement because low oil prices are caused by Saudi Arabia's own policies.
Macro forces leave them a certain percentage wiggle room in production to affect price but US oil and the world wide reduction in demand rule even over OPEC at its strongest and OPEC is practically dead really.
While US producers price their projects in the $25-35 cost per boe produced and the Fed keeps rates low the US can keep on trucking and Saudi can do very little about it. There are billions of barrels of oil sitting offshore in ships waiting for better prices.
There are hundreds of fracked fields that can be turned on and off like a faucet.
Sure offshore deep water is slow due to cost and cannot respond to swings readily but the fundamentals changed years ago.