OIL (WTI): Is now the right time to buy?

Is now the right time to buy oil?
The price of oil has dropped massively in the last two months. The Saudis need quick cash to cover their costs and since they have no industry, selling oil is the fastest way to do so. The costs of production are about 20$ per barrel. That means they can't sell their oil for less than $20. They can't make any money. So I think it is pretty smart to buy oil now (in the long run). The price is currently around $24 a barrel...

Best regards,
Becker Investments