As soon as we hit $100/kWh in the next year or two, that oil is worthless [1] (Tesla will supposedly hit this target when the Gigafactory is at full capacity).
Clean energy investments year over year: https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iWfsqt_Qmf9...
[1] https://flowcharts.llnl.gov/content/energy/energy_archive/en...
The Saudis will likely have time to liquidate a very large portion of Aramco and its oil assets before the market for oil dries up too much. In 20 years they can exhaust over half of their oil reserves (by some estimates, they'll be a net oil importer by 2030-2035). They'll sell well over ten trillion dollars worth of oil in that time.
It will take decades to shift the global economy and industry off of oil. In ten years, the majority of cars on the road globally will still be burning gasoline. That hopefully won't be the case in 20 though.
That's kind of a 'funny' observation. Saudi Arabia can't ever be an oil importer since the only thing they have to exchange for oil is oil.
Oil is tanking due to US non-conventional oil and fracking. I think natural gas power generation will be relevant for decades.
Petroleum is a great way to store energy. Battery technology hasn't improved a whole lot in 200 years.