I'm not so sure.
The Saudis dumped oil on the market but any effect it has on US and Canadian production will be temporary. When the price goes up these producers will jump right back in. When prices were above $50 a barrel, small American companies started uncapping old wells that had slowed in producing oil. It was probably insignificant but it shows the mentality of the "capitalists"
The economies of many countries like Saudi Arabia and Russia are mainly dependent on the sale of oil. I've read were the Saudis are now borrowing cash to make up for the shortfall but admittedly this could be due to the scenario you're talking about. Russia can't afford not to sell oil so they do so at any market price.