It appears that the big oil companies shifted their investment capitol away from "mega-projects to profitable projects. I saw this as a conservative move to more stable operations. Putting a few hundred billion into exploration and development of "risk" is trumped by the current production. Now, we have another MAJOR issue.... Frackers can sink a well for a million dollars and be in production very fast! This means there is now oil EVERYWHERE. What, is going to happen when the world is truly awash in oil? You can not eat oil.... You can not drink oil. Venezuela, Russia, Nigeria.... those economies are going to tank as their cash dries up. You can not sell oil for pennies on the dollar cost of production.
I agree, the Sauds are in for a very rough time.