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Saudi is a influence and not the reason oil prices are down. Oil is a world traded and used commodity and is influenced by many factors and not just one. like fracking in the US which has produced a cheap fuel alternative to oil for electric power here cutting demand in oil. The economic slump in Europe has caused a huge loss of oil demand there. I am sure a lot of oil future traders in the past made some bad decisions to lower the price now. Banks are involved, China's involved and has surpassed the US as the largest importer of oil and has an influence that certainly should not be ignored.
Saudi is almost regulated to a bit player in oil prices. Definitely not in control and is easily eclipsed by these other factors.
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