It's not just that, but the Saudis are trying to pivot hard towards new industries. They see their entire government collapsing if they can't find a new source of revenue before oil demand collapses and their savings disappear.

Saudi Arabia basically bribed their civilians to stay in power by subsidizing gas, electricity, and water to the point that all three are basically free in the country, while their migrant workers are basically slave labour. The moment any of this changes, there's going to be a coup, and they see the clock ticking with oil demands having peaked in much of the world already.

RealLifeLore has recently released a video talking about their situation, though not so much on the oil.

It's not the drilling that's the issue, it's the refining. The prices of crude isn't so high on the market itself, but the post-refined products themselves. American refineries are at capacity and have been for at least a decade now, yet they aren't doing anything to increase production.

And as for Canada, we don't have much when it comes to refining capacity in the first place.