To keep prices at $60 they crashed production from 10 million barrels per day to 2: They could always use their balance sheet. https://ieconomics.com/saudi-arabia-government-debt-to-gdp
No they are trying to pump as much as they can and sell it whilst still demand. Stone age didn't end because they ran out of stones...... Brazil with deep sea oil and tar sand in Canada now act as upper price limit. As price rises these alternatives kick in.
Talking of alternatives the biggest danger to oil prices is the electric cars and solar powered electricity and energy sources. Care for animals for free..................http://thehungersite.greatergood.co...jsessionid=D1E4E733E75571D785F34FFEA7499C92?1
For somethings like aviation fuel and plastics you still need oil as starting matetial but solar / electric cars now also act as price limits by reducing demand as price rises....and the Saudis know it. In 1970s / 80s there were no other alternatives. https://www.economist.com/node/2155717 And once the demand for oil goes I expect the US / EU to no longer prop up the last remaining absolute monarchies in the world or keep sending troops there to ensure supply.
The shift from crude oil to "other sources of energy" will not happen for another 90 years at least. It is a no-brainer. For now, crude will rule. http://www.businessinsider.com/electric-cars-oil-price-2017-7