Actually supply isn't that flexible to pick up such changes. The middle east has the ability to ramp up production. But its capabilities are limited. If a count

Actually supply isn't that flexible to pick up such changes. The middle east has the ability to ramp up production. But its capabilities are limited. If a country like Norway would stop production we'll most likely see a significant rise in prices (making alternative fuel sources more interesting). The problem is exactly with the demand for cheap energy. If the whole western world becomes carbon neutral we'll simply see the oil getting exported to other countries. There's plenty of margin for it to remain profitable.