The prices of oil would not rise if there was a so-called "over supply" of oil, which is in itself redundant as there cannot be an over supply. We can have an abundance of oil; enough oil to last us for centuries, but it would not be an "over supply" of oil.
Let's be honest, there isn't an over-supply of oil. We're chugging it down as soon as we can get our hands on it. The price is dropped to turn your gaze away from renewable energy. It also makes it easier for you to go out and buy a gas guzzling vehicle. Low gas prices aren't a coincidence, there isn't a burdensome over-supply. This is a finite resource.
Just because there is an over-supply of oil does not mean nations should stop or cut down production. Just not to long ago the nation did not have enough oil and it started a war. Maybe if there is way too much the best thing to do is to slow production.
There is an over-supply now but that can change in the future. While there is an over-supply, companies should start finding ways to cut back on oil use and find other energies. Oil will not last forever and it is harmful to the environment to keep burning it. We need to do this to take better care of our planet.
Sovereign states can decide to produce as much or as little as they like but there is always going to be someone who'll want money immediately rather than higher returns in the future. Game Theory teaches us that while each individual player can improve their OWN position then balance cannot be reached.
The Saudis may want high long term prices while Russia is desperate for money now. A joint consensus seems unlikely.