This is the answer. They think they can send US shale into bankruptcy before they go bankrupt themselves.
But when the cost recovers we'll be back at it again. US shale has seen booms and busts for a hundred years.
Whipsaw mkts will eventually make it impossible for credit to be extended to allow these low ROIs to operate.
Welcome to post-peak oil pricing dynamics.
Saudi Arabia oil is the cheapest in the world. They have massive oil fields. So in principle they can bankrupt anybody unless somebody can come up with a cheaper way to get oil.
Half expecting some form of a bailout for shale producers if it comes to that.