"Demand destruction" is nonsense. There will always be demand for hydrocarbons. Oil and its distillates remain the only viable means of fueling most motor vehicles, Tesla's hype machine notwithstanding. Even if you could somehow find the trillions of dollars needed to electrify every railway in the world and the tens of trillions more to build enough lithium batteries to replace every auto on the world's roads with an electric one (assuming you didn't use that lithium for grid-tied residential storage instead), you would still have shipping, industrial processes, home heating, forklifts, barbecues, remote residential, mining, and forestry applications, trucking, job site, datacenter, and medical generators, legacy power plants, and countless other sources of demand for petroleum products. Plus some that probably don't even exist yet (many of which may well be carbon-neutral, unlike fuel applications). The notion that $150 oil's modest pinching of SUV drivers' wallets will magically make all of the above go away is lunacy.
This is great for all the shale and other high-cost producers, at least for those with patient investors. The Saudis are setting things up so that the folks with shale will be the last people with accessible oil. The sooner the shale producers shut down, the more oil they'll have available to sell later at prices vastly higher than any ever seen. Meanwhile, the Saudis will have pumped their fields dry at rock bottom prices, minimizing their total return. Economically speaking, this is the biggest gift to the US and Canada that the Saudis could possibly make. All that's left is for investors in shale to sit tight, or failing that to sell out to wiser ones at fire-sale prices. Keep careful watch on who buys up the leases from bankrupt shale producers over the next year or two; if they have the right attitude they will be worth a dozen fortunes a few decades down the road.
Thanks, Naimi!