Unfortunately, the price of oil is governed by the few (OPEC) and at this point, I don't see this changing in the near future. What we do know is that demand has cratered due to COVID 19 and there is a clear shift to EV. This however, won't be done overnight and oil isn't going anywhere over the mid-term.
I can see lower CAPEX and drilling as producers try and shore up the supply and demand imbalance - however, this will take some time. There are reports that peak oil was 2019 - this means that peak oil demand was in 2019 and the world will never reach that level of demand again. I could see this, but I can also see oil rebounding in a big way once COVID-19 subsides, a vaccine is in place and folks start to travel again.
In the meantime, considerable uncertainty remains which is why we are avoiding the space.
Mat