It’s like a price war with gas stations, if they all stay cutthroat and don’t give an inch on the price, then it keeps going ... but if a major player backs off, the others fall into line and back off, too, then the price goes back to normal.
Saudi Arabia is not “backing off” their production levels even in the face of this glut, so giving the signal to all other players to not back off either ... and Saudi Arabia is counting on being “the last man standing” (in terms of costs to them) and running everyone else into the ground ... and primarily that’s Iran and Russia.
And Venezuela, remember, they are the ones that called for new quotas at the OPEC meeting in November. I bet the government in Venezuela is panicking now...