The way I look at it - if the Saudis were to "flood the world with oil", there would be a whole bunch of side effects that would balance / counter what they're doing.
The direct impact would be lower oil prices, as an already saturated market has a further increase in supply.
Lower prices would force for-profit companies to the sideline, to the extent that low prices are sustained and are below the marginal cost to those producers to generate a barrel of oil. Part of this mechanism is tied up in the debt these companies hold as they are incented to pump at even a small marginal profit to make loan payments, even if the overall economic result is to lose money (the cost to find and complete the oil wells is real, but is also already an investment that's been made, and is thus a sunk cost at this point). As for-profit companies take production offline and/or don't complete wells / explore for new wells, that will reduce supply and tend to increase prices (or at least slow down the rate at which they go down).
Lower oil prices usually translate to lower gas prices at the pump, and lower gas prices leads to less fuel efficient vehicles being driven and more miles being driven. More demand pushes the price of oil up.
And plenty more. The point is that any one actor provides lots of extra oil isn't the environmental terrorism actor. If you want to view it through this lens, then everybody living in and participating in the modern economy is participating in environmental terrorism. Whether we use oil for transportation or not, we're all dependent on food systems that are dependent on the oil economy, on energy systems that are dependent on the oil economy, and on and on.
My view of things is that oil is in secular decline already, or is at least "close" (measured in years, not decades), to entering secular decline. The price of a barrel of oil will drop ahead of the secular decline, and stay perpetually low when that begins, as there are massive investments previously completed, that make oil available for the various purpose oil is put to.
The ONLY real question is who will provide the remaining oil we will be consuming as a species. And I would rather that oil come from already completed projects, with low marginal cost of production. Two things the Saudis have in spades.
Meanwhile, wind and solar (and other sources of energy), will lower the marginal cost of energy so low, they will start replacing more and more of the oil economy. Until even a marginal barrel of oil from the lowest cost reserves in the world can't compete. (This is probably decades instead of years). At that point, oil stops being a transportation and energy commodity, and becomes a chemical input for processes that need complex hydrocarbons for chemical transformations (other than burning that is).
Really big picture, the marginal cost for energy for the various systems that make up our world economy, looks to me to be in decline. The % of world economic activity that goes to paying for the energy needed by that worldwide economic activity is declining as a % of the world economic pie. We're spending less on energy, and I believe that's a permanent shift. That will free up resources to spend on other stuff - food, clothing, amusement parks, movies, jewelry, roads, ... Stuff.
