Saudi oil marginal production cost is still the lowest in the world. The main effect will be political instability as the revenue used to keep the population satisfied falls off.
The Saudis could set up solar and start synthesizing anhydrous ammonia to sell to higher latitudes in winter. Marginal production cost would go even lower, as it would not need refining. But they would face competition from west Africa.
The Saudis could set up solar and start synthesizing anhydrous ammonia to sell to higher latitudes in winter. Marginal production cost would go even lower, as it would not need refining. But they would face competition from west Africa.