Will oil prices become subject to supply and demand?  OPEC’s unwillingness to manipulate the price of oil by pumping less gas hints that the future may reside in the market.

Saudi Arabia appears to be displacing Russian crude going into refineries in Poland and Sweden   Producers who depend on a higher price per barrel of oil have cut back by $150 billion this year.  Eventually diminished investment will diminish output.

Falling oil prices are increasing consumption, which may not be good for carbon levels.  In the developing world, however, the amount of oil consumed in relation to economic output is declining.  China is becoming less energy-intensive.  Rapid depletion in shale oil fields may make investments in shale less attractive, in addition to the environmental objections and the low cost of fuel oil.   Who knows?  Only the Saudis!