But now that Saudi have upped their oil production, thus reducing the price it makes the USA oil fracking uneconomical. The question is, have they collapsed the oil market with EU-USA approval in order to get at Russia or are they acting alone. A complex web of stuff going on.
That's a widely held misconception. The price of oil has gone down because there is simply too much oil on the market and in reserves, which is driving supply up and prices down. The Saudis aren't under any obligation to cut output given that it only costs them about $15 to get a barrel out of the ground, whereas its roughly $55-60 to do the same with US shale. The Russians are just a bit unlucky that Putin's megalomanical invasion and land grab in Ukraine happened to coincide with a rise in Oil supply.