The situation today seems to be largely equivalent to the situation that Herbert Dow (Dow Chemical) faced when he was producing bromine over 100 years ago: A cartel engaged in predatory price cutting to drive unwanted competition out of the market.
The response of Dow was to just buy up all the cheap bromine from the cartel and re-sell it and with this strategy he was able to break the cartel price cutting and greatly expand his business. [1][2]
I'm wondering why US oil companies who suffer from SA price cutting still pump oil themselves at a loss rather than use the same strategy as Dow and buy Saudi's oil instead. The situation seems to be largely the same and that would be the "textbook response" to it.
[1] https://www.quora.com/Whats-the-shrewdest-smartest-maneuver-youve-ever-seen-in-business/answer/David-Fry [2] http://www.mackinac.org/article.aspx?ID=31