I see this statement often that renewables have reduced our demand for oil, but that doesn&#x27;t seem to be the case and I don&#x27;t think it explains the price drop:<p><pre><code>  https:&#x2F;&#x2F;www.eia.gov&#x2F;forecasts&#x2F;steo&#x2F;report&#x2F;global_oil.cfm
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It looks more like the market is being flooded with oil.<p>The price of oil is probably unsustainable for all produceres at these levels. Either the price will have to increase or the number of producers will decrease.<p>I read somewhere that the Middle Eastern countries can continue at these levels for about 5 more years. My guess is that they will try to squeeze as many competitors out of the market as possible, increase demand, and scare off any potential future investments in competing energy producers (alternative or conventional) for the following decade.