In constant 1996 dollars, the price of oil is much lower than it was in the 1980s
according to this graph from this source.
Saudi Arabia is being hit by a double-whammy. First, they're getting less per barrel than they did in the 1980s. Second, their population has soared since then. According to a source I read several months ago, Saudi's population has doubled since then. They need us to buy their oil and they know it. In the meantime, their King is spending about $ million a day for his vacation in France.