David Fuller's view

It is reasonable to assume that the world will still be consuming plenty of crude oil in 20 to 30 years’ time, despite renewables and climate change concerns.  However, the Saudi gamble is that low prices can curb both global oil and renewables production sufficiently to keep prices reasonably high. 

It may work for a few years but cannot reverse technological progress which ensures cheaper production costs for all forms of energy, whether fossil fuels or renewables over the longer term. 

This is bullish for global economic growth and the long-term performance of stock markets in reasonably well managed economies.