All oil prices are priced at the prices of those last few barrels sold that are in demand. Diesn’t take much production to have large effect. SA is only one capable of providing swing production.
Principle is like stock market. The many shares that are not traded are priced at the same value as the very few that are.
Excellent point, but ‘flooding the market to gain market share’ (as the poster wrote) is not the same as simply affecting prices. SA’s market share is not changed with just a change in price.