I can think of several
possible incentives for SA to increase oil production.
SA is sitting on huge oil reserves, and oil prices are quite high right now. This might be the most they can ever get for their oil. I realize that increasing oil production will likely put some downward pressure on oil prices, but SA could still pocket huge profits over the short term. I suspect they like having lots of cash.
The high price of oil creates incentives to switch to renewable energy and/or increase production of oil from sources (e.g. oil shale) that are not profitable if oil prices are lower. Once countries invest in other sources of energy, they will likely have a reduced incentive to switch back to oil (i.e. sustained high oil prices now could lead to reduced demand (and prices) for oil in the future due to a more rapid transition to other sources of energy).
SA and Russia got into an oil price war in 2020, and SA increased oil production. This was apparently the exact opposite of what Russia wanted. According to wiki, this actually led to negative oil prices for a period of time:
>>>he
price of oil became negative on 20 April. Oil production can be slowed, but not stopped completely, and even the lowest possible production level resulted in greater supply than demand; those holding
oil futures became willing to pay to offload contracts for oil they expected to be unable to store.<<<
https://en.wikipedia.org/wiki/2020_Russia–Saudi_Arabia_oil_price_war
SA might want to disincentivize Russian investment in oil production capabilities by reducing oil prices so that Russia cannot make a profit on it's oil, and therefore stops investing in new production capacity (e.g. stops exploration and drilling). Basically, weaken Russia's ability to produce oil.
I realize there are plenty of arguments
against SA increasing production. I really have no idea how SA views it. I'm just throwing these out as possible incentives.