Within the longer run the strongest OPEC members ought to have the ability to defend their market share, even when oil demand slumps due to an financial crash. At the moment worth of about $90 a barrel, the overwhelming majority of the world’s oil is financially viable. If oil costs fall by half, almost all Saudi Arabia’s enormous reserves stay worthwhile; the identical can’t be mentioned for America, Canada or Russia (see chart). Ought to local weather motion achieve decreasing demand to a fraction of what it’s at the moment, these low-cost producers would be the final ones left.