I doubt Sadi Arabia can physically produce enough oil to have the desired effect, and if they can not for very long. No matter how much money you throw at it you cant break fundamental laws of physics. Higher prices are making alternatives more feasible though, where they used to be more expensive. And I don't mean alternatives to oil I mean alternatives to producing oil (the same product just not out of the ground).

None have became very mainstream yet. There are always articles about new ways to produce oil but these have been around forever and so far noone has been able to jump on it. Coal is probably the only feasible option, and for the environmentalists this has a much higher footprint.