Interesting analysis:
The Arabs' day in the sun is over. The Saudis ran a 98 billion dollar budget deficit in 2015. Flooding the market to starve out the shale industry was not cheap. They did manage to starve out some good companies.
The myth of peak oil turned out to be just another liberal lie. These shale deposits occur all around the world.
How this will affect the future of the Middle East is yet to be seen.