Saudi was comfortable to suggest they could produce enough oil to meet demand worldwide for a few years with no worries just after hurricane Katrina and now Saudi is considering a cut in production in order to keep prices high.
Which means they can keep prices high to slow world demand in order to extend their production for a few more years. I'd say they are playing the politicians like a violin. I don't think they have what they say they have. They just want to continue being world players. and when the oil runs out, and they are not the biggest producer in the world, so goes their global significance and clout.

It's all one big Chess game.

What we need right now is a "whistle blower" to spill the beans...
It's an old JODI mind trick. :-)