The only reason oil is so cheap right now despite much higher consumption than in 2007 is that Saudi Arabia specifically decided to massively increase production, breaking OPEC. They did this because they see the writing on the wall. Better that they get all the remaining money to be made from oil and cut out entirely the people who extract oil less cheaply from shale and other sources.
Your thinking Saudi Arabia UNILATERALLY caused the oil glut. IF that were the case, Saudi Arabia would be more powerful than OPEC, etc. They are not. The thing is most of the world's oil producers were pumping oil at ever increasing quantities:
