Earlier quoted context omitted.
They've only really known oil for 3 generations, so yes. And they're also desperate. The future where the world doesn't need their oil (or they've run out) isn't a distant future anymore. It's coming, and coming faster and faster. They need to diversify anyway they can if they want to avoid going back to just being a desert. And so they're jumping at pretty much any deal they see
>The future where the world doesn't need their oil We'll need oil for plastics even if we stop using it for transportation, and Saudi oil is just about the easiest/cheapest to extract, so we'll be using their oil for a long time, but it won't be as grotesquely profitable for them as in the past.
Oil is just convenient, because you need less energy to make the plastic than if you start with eg water and CO2.