Saudi Arabia is the World's lead oil exporter. Meaning they could significantly support global gas and oil prices by reducing production. However, there is little sign that they will do so.
There are probably a couple reasons why they wouldn't want to cut back on production, one, that they are trying to instill some discipline in the other Opec oil producers and the other would be to pressure the US's new, flourishing industry. Although Saudi Arabia needs oil prices to be around $85 in the longer term, it has deep pockets with a reserve fund of some $700bn - so can withstand lower prices for some time. However, in the 1980s when the country cut oil production the increase prices the Saudi economy suffered.
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