What can be real threatening is what I call the “closed circuit phenomenon". It is a frightening scenario. The OPEC countries can shut out a significant part of the democracies, & trade oil to dictatorial countries.
Put in together Saudi Arabia, Iraq, Gulf States, Iran, Indonesia, Venezuela. They hold 80%+ of the oil. What they do is start trading with Russia, China & other dictatorships.
Democracies like India, Taiwan, Japan (the list goes on) are totally helpless in such a scenario, as they do not have sufficient reserves.
YOU HAVE A TRUE NIGHTMARE SCENARIO.