This is about getting out of production quotas.
At some point I suppose we may start seeing a race to the bottom by oil producers who see the end of an oil based economy staring them in the face and are deciding better to cash out now than try to keep the price high and see the market shrink even faster. I tend to think that when countries look out and see the US, the supposed guarantor of stability being the one screwing up the oil markets, it's sort of the last straw in the decision matrix to just get off oil as fast as possible. Nuclear is coming back, renewables are the vast majority of new utility capacity going in around the world, and the Chinese are ready and able to supply the world with cheap EVs.
Now that said, a pipeline or three built to get around Hormuz and Trump off the stage, the pendulum may swing back, but for now, other than the US, the developed world is heading for the exits on oil & gas as fast as they can. And even here, Trump may keep the odd coal plant running here and there, but utilities are voting in the other direction with their investment dollars anyway.