OPEC is giving up on $100/barrel as a price they can support through supply restrictions.
At the same time, renewables and nuclear power accounted for roughly half of US electricity in March.
If you were wondering why Saudi Arabia is trying to get into the sports business, this is why. They have almost single-handedly held the line on OPEC’s export restrictions, but the strain has become too great. After posting a fiscal deficit for 9 of the last 10 years, Saudi Arabia will spread the burden a little wider, which means accepting a lower price that will, in turn, likely generate (much needed) greater total revenue. The world is moving to a new equilibrium.
Read More: The decline of oil is really actually happening this time – Economist Writing