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[splurge]

They had to do what they are doing.  Oil was too high and demand was shrinking during the previous few years. US production and many other non Opec countries were increasing production which was higher cost than S.A. Why should the low cost producer cut back and make room for high cost producing countries? If they kept their production stable under 10 mln b/d then oil prices would be higher but not for long. As US and Canadain oil sands increased production then foreign oil would get backed out in the US and growing non opec production elsewhere would increase supply and put us exactly where we are today.  They would have been producing less oil and lost market share (asia is what they want to protect) and prices would have collapsed except Canada, US and others would have been able to increase production to a higher peak than what they achieved last year. They are letting the free market work. They were also very concerned about the longer term impact of renewables and the impact on their market share if oil stayed high.
It is not about the math you are trying to play with which does not take into accoiunt the impact of their market share over time under a high oil price scenario and falling demand and their fixed level of production which was below their capacity.
splurge