Both. Saudi Arabia has been artificially inflating the price of oil for a number of years and is now artificially keeping it low to hurt competitors. Unfortunately for them, this is already hurting Saudi economy more than anticipated and is increasingly looking like a fatal mistake.
#1 World Oil Demand Still Growing
http://www.schwab.com/public/schwab/nn/articles/Black-Dog-Ar...
#2 The Dow Jones still looks pretty good despite the tumble to 2014 levels
https://www.google.com/finance?q=INDEXDJX%3A.DJI&ei=flkKVsud...
#3 Shangai index it at 2014 EOY levels
https://www.google.com/finance?q=SHA%3A000001&ei=mFsKVrjhEYu...
#4 Crude oil price is at 2009 and 2004 prices
http://www.macrotrends.net/1369/crude-oil-price-history-char...
So either the oil price is being pushed down now, or it was pushed up before on multiple occasions, and will liked be pushed up again somewhere in the future.