Where is "here"?

Russia and the Middle East can try to sell their oil reserves, but eventually demand is going to crash as a consequence of vehicle and power grid replacement with renewables.

Oil will remain in certain energy dense and/or conservative applications for awhile (e.g. aircraft), but the two above sectors are a big chunk of demand (~50%, roughly).

Compared to renewables' zero cost of fuel, it's hard to balance refining and shipping oil around the world at any price, especially after the current system downsizes.

At this point the price for new solar power or onshore wind is cheaper than gas or coal. https://en.m.wikipedia.org/wiki/Cost_of_electricity_by_sourc...