From what I’ve heard this is mostly the result of fracking being very successful and creating a huge quantity of NG. It’s being substituted for oil wherever possible and that’s making oil prices fall.
The slowdown in China is also taking the pressure off of energy prices. And Iran has been able to sell oil since the middle of July. I suppose that if the Saudis are pumping more it will show up in somebody’s figures.
I had heard the saudis increased production to hurt fracking but it well could be a combination of all of the above.