OPEC countries are not inclined to lift production due to price destruction.
Ever since their oil fields were nationalized in the 1960s they have reversed from increasing supply to controlling supply to keep their revenue high without exhausting their reserves. They are very much aware that they have 60 years of oil supply left at current consumption and have to make hay while the sun shines.
Oil is such an integral part of the economic machine that I believe they will no be worried about demand destruction, especially when one considers how integral oil supply is for a country in times of war. WW2 was won by the side that had the most reliable oil supply volume. If anything, OPEC will look to keep oil above $100 per barrel. Dwindling global reserves will not see it go out of fashion anytime soon.
Coal reserves on the other hand amount to over 100 years at current consumption, possibly more. Gas is also at about 50 years of proven reserves left. Sector is also highly under invested. As a result people will have no choice but to revert back to coal due to its reliability and the fact that almost every country can produce it, unlike oil. We may even see engine fuel made from coal as Germany did in WW2, although much more expensive, if Oil runs out there will be no alternative to keep the engines running.
Another point its the globes addiction to plastics. You cannot have plastic without oil, nor can you have a functioning electrical grid without plastic insulation. See how it is all heavily interconnected. Environmentalists and policy makers are largely ignorant of these things and are prone to be reactive rather than pro active to the issues that may arise from this.
Nations will come full circle back to coal because oil and gas supplies will prove to be very unreliable as they have been throughout history.
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